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 Founding Partner. “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.
Founded in 2016, Westside is a real estate investment holding firm focused on creating long-term value by integrating direct asset and corporate investments along the real estate value chain.