The Acquisition Launches The Firm’s Expansion Strategy Of Acquiring 1,200 Multifamily Units By 2021
TAAO GROUP has announced the successful acquisition of Pinebrook Manor, an 88-unit apartment complex in St. Petersburg, Florida.
The Miami-based real estate investment and development firm purchased the apartment complex, located at 3980 N 64th Street, for approximately $96,000 per unit from The Gentile Group, which owned the asset since 2007.
CIII Group (NY) arranged a five-year interest loan for $6.7 million.
The acquisition triggers the group’s expansion strategy to acquire 1,200 multifamily units by 2021.
Oscar Teran, Antonio Ortiz and Ricardo Ciliberto
“We are elated with the acquisition of Pinebrook Manor,” commented Oscar Teran, managing member of TAAO Group. “The Central Florida and West Florida regions are key markets for us, and Pinebrook Manor is an asset with tremendous upside opportunity.”
“Pinebrook Manor provides renters in the area with quality, affordable housing options, much needed in the Saint Petersburg market,” added Antonio Ortiz managing member of TAAO Group.
Ricardo Ciliberto, who leads the multifamily arm of the company, explained, “TAAO GROUP plans to bring in seasoned property and asset management to bring rents to current market and enhance the property with a proven value-add program that we anticipate will yield great returns for our investors from day one. ”
Pinebrook Manor is located within walking distance from St. Petersburg General Hospital and just a few blocks away from the VA Hospital and Tyrone Mall, some of the largest employers in the MSA.
About TAAO Group: TAAO GROUP is a private Miami-based full-service real estate investment and development company that specializes in development and multifamily sectors in opportunity markets throughout the Southeast. The group's strategy has proven to capitalize it's projects, providing the highest return to their investors through meticulous asset and project management while acquiring, developing or improving real estate assets.For more information, please call 305.702.0405 or visit https://www.taaogroup.com.
