Loci Capital Divests Multifamily Asset in Orlando
Funds controlled by Loci Capital Op Fund GP, LLC, an affiliate of Loci Capital Group, LLC ("Loci"), a leading private real estate fund manager, completed the divestment of Pomelo Park Apartments, a 240-unit garden style apartment community in the Lee Vista / Narcoossee submarket of Southeast Orlando, Florida.
"We are pleased to announce the divestment of Pomelo, which will ultimately result in a distribution for our investors in what remains a difficult capital markets environment," said Garrett Francis, Managing Principal and Head of Capital Markets at Loci Capital. "Despite the rapid increase in interest rates and difficult capital markets environment, the project was completed on budget and sold profitably, a testament to our joint venture partner, Maifly Development."
Loci and its development partner, Maifly Development, formed a joint venture in February 2021 to close on the 8.4-acre parcel that would ultimately become Pomelo Park Apartments. The joint venture finished construction in January 2023 and stabilized the asset in August 2023, after which it pursued a marketed process to sell the property. The successful sale process for the asset was run by Newmark, including Scott Ramey (Vice Chairman), Brad Downing (Director), Patrick Dufour (Vice Chairman), and Paul Grant (Associate).
"We remain dedicated to executing the business plan of our fund investments and driving distributions for our investors," commented Michael Phillips, CEO and co-founder of Loci Capital. "The margin of safety we build into our investments, along with our focus on driving alpha at the asset level, has allowed us to continue to perform despite macroeconomic headwinds."
About Loci Capital
Loci Capital is a leading middle market private real estate investment firm based in Florida and focused on investments throughout the Southeastern United States. Loci's senior leadership is experienced in the development, redevelopment, repositioning, and conversion of assets across all real estate sectors. Since its inception in 2019, the firm has invested more than US $240 million of equity in over $1.0bn worth of real estate on behalf of its investors throughout its target markets, including in the multifamily, hospitality, office, vacation rental, student housing and medical office sectors. For additional information, visit locicapital.com.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of September 30, 2023, Newmark's company-owned offices, together with its business partners, operate from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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