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Naples Tower Sells Out of Condos to the Tune of $500M
KKR and Gulf Bay Group of Companies have completed the sale of all condominium units in Mystique at Pelican Bay, a luxury residential tower in Naples, FL, for a combined value of approximately $500 million.
KKR and Gulf Bay Group formed a joint venture to acquire and develop the parcel of land in Pelican Bay in 2015 and completed construction of the 81-unit luxury waterfront condo tower in 2019. The high-rise property occupies one of the final waterfront lots in Pelican Bay’s master-planned community.
“From a thematic perspective, South Florida is an attractive market that is continuing to benefit from the net migration trends which underpinned our conviction to invest in the ground-up development of Mystique at Pelican Bay,” said Roger Morales, KKR partner and head of real estate acquisitions
KKR made the investment in Mystique at Pelican Bay primarily through its Real Estate Partners Americas I fund. Mystique at Pelican Bay was the first investment in Florida by KKR’s real estate strategies.
- ◦Sale/Acquisition
