Joint Venture Buys The Strand

16 01 2008

The developer of The Strand residential tower on the Southbank has formed a joint venture with a real estate equity fund to purchase the project.

American Land Ventures of Miami developed The Strand, a 28-story apartment building. The company formed a joint venture with Real Estate Capital Partners, an equity fund based in New York.

The joint venture bought The Strand for an undisclosed amount. Merrill Lynch Capital provided $46 million in financing for the purchase, and additional funding was provided by IVG Institutional Funds GmbH.

The 295-unit project was originally planned as apartments. Late in 2006, before construction was complete, American Land Ventures announced plans to convert it to condominiums, but that conversion never took place. The project was sold as apartments, but a conversion could take place later, depending on the market, said Tom Angelo, a lawyer who represented American Land Ventures in the transaction.

Source: Jacksonville Business Journal



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