$22M Takes 300 Units in Value-Add Play

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BRADENTON, FL-Hollywood, FL-based JL Real Ventures has acquired the 300-unit Marina Palms apartment complex at 6904 Manatee Ave. West for just under $22 million. The property was acquired from Atlanta-based Miles Properties. It was acquired under the brand Cielo, which is the name under which JL Real Ventures operates its multifamily properties.

JL Real Venture managing partners Jordan Kavana and Larry Baum completed the transaction. Kavana tells GlobeSt.com that the property was attractive for acquisition because it is a C+/B- property in a AAA location. “It was one of 25 assets we looked at in that area,” Kavana says. “Our business strategy is to focus on properties where we can add value.”

The property was constructed in 1974 and was 85% occupied at the time of the sale. JL plans to spend $1 million in capital improvements to increase occupancy and rental rates. Kavana anticipates that the occupancy level will rise to 97% or 98% within a few months. “It is located in a prime location,” Kavana says. “It has phenomenal room for growth given the demographics of the area.”

JL focuses on investing in multifamily properties in the Midwest and Southeast, particularly Florida. Kavana anticipates that the company will acquire several more properties within the coming months.