Loci Capital has announced the successful recapitalization of Prose Stevens Pointe, a 264-unit workforce housing community located in St. Cloud, Florida. This strategic move marks a full exit for its Fund I investors, highlighting the firm’s ability to navigate evolving capital markets and deliver strong returns.
Key Takeaways
- Loci Capital Fund I, LP, successfully recapitalized the Prose Stevens Pointe property.
- The 264-unit community is situated in St. Cloud, Florida, near Orlando.
- The business plan focused on providing attainable rents compared to new construction.
- The transaction provided a full exit and liquidity for Fund I investors.
Strategic Recapitalization of Prose Stevens Pointe
Funds managed by Loci Capital Fund I, LP, an affiliate of Loci Capital Group, have finalized the recapitalization of Prose Stevens Pointe. This 264-unit apartment community is strategically located at 3010 Camber Drive in Osceola County, within the Stevens master-planned development near Orlando. The 10.9-acre property was acquired with a business plan centered on offering rents that were more affordable than comparable new construction in the submarket.
Garrett Francis, Head of Multifamily at Loci Capital, commented on the success of the project, stating, “Prose Stevens Pointe is a good example of how disciplined basis and thoughtful deal structuring can create durability across market cycles.” He further emphasized the team’s dedication to executing the business plan and positioning the asset for liquidity, even amidst a shifting capital markets environment.
Investor Liquidity and Firm Growth
With the operational phase of the business plan complete, Loci Capital prioritized providing liquidity for its investors. The fourth-quarter recapitalization successfully facilitated a complete exit for the investors in Fund I. Casey Wilson, Head of Capital Formation at Loci Capital, noted, “This transaction represents another successful exit for our investors and reflects our continued focus on converting strong investment theses into realized results.”
Since its inception in 2019, Loci Capital has demonstrated significant growth, deploying over $350 million in equity. This capital has been invested across more than $1.4 billion in real estate assets throughout the Southeastern United States, underscoring the firm’s active role in the region’s real estate market.
Sources
- Loci Capital Recaps Florida Workforce Housing Asset, https://www.connectmoney.com/.
- Loci Capital completes recapitalization of Florida multifamily property | News, Institutional Real Estate, Inc..