Miami, FL. (May. 1, 2018) – Westside Capital Group (“Westside”), a real estate investment holding firm, has acquired Terraces on the Square in Port St. Lucie, Florida. The 82-unit community is located in Southeast Florida, within a 45-minute drive from West Palm Beach on Florida’s Space Coast.
Terraces on the Square was built in 2009 to a condo quality high-end standard comprising of one, two and three-bedroom units. Westside plans to moderately update common areas and perform selective interior upgrades. Interior upgrades will focus on maintaining top of the class apartment finishes.
“We believe this is another strong property to add to our multi-family program,” said Jakub Hejl, Westside’s Founder & President. “Similar to Lakeshore Club, this is a value-add asset in a strong location with ample employment opportunities and extremely strong submarket fundamentals.”
Strong population growth and job creation in Port St. Lucie has created a tight rental market where limited housing supply hasn’t kept up with increased demand. The transaction closed in April 2018. The sale price was not disclosed.
Westside continues to look for select opportunities in the multifamily space focusing on value basis, discount to replacement cost and underlying submarket fundamentals. Westside is actively pursuing additional multifamily opportunities throughout Florida and throughout the U.S.
Westside is a diversified real estate investment holding firm with a proven track record in real estate private equity investments, construction & development management and venture capital investments. Founded in 2016, Westside leverages big ideas in small timelines out of its US and European offices. Westside generates attractive returns on capital by defensive, value-added investing in traditional real estate asset classes. It targets cash-flowing properties at discounts to replacement costs with additional non-underwritten upside. It creates value through active management and targeted capital initiatives. Westside establishes individual investment platforms within the firm with a particular desire to strengthen economies of scale, operating expertise, and exit optionality. It’s strategy within asset classes, capital structures and markets, shifts based on macro-economic considerations. For more information about Westside, please visit www.westsidecg.com
Media Relations: Rachel