Mountain Real Estate Capital closes new investment with GL Homes of Florida to develop 850-home Riverstone Community in Naples, Florida, for undisclosed sum
September 12, 2011
– Mountain Real Estate Capital (MREC) (www.mountainrecapital.com) announces the closing of a new investment with GL Homes of Florida to develop the 850-home Riverstone Community in Naples, Fla. MREC continues to invest in Florida and now has invested in over 8,300 acres of land and 6,500 home sites located in West Palm Beach, Tampa, Orlando, Jacksonville, Naples and Fort Myers, Florida. The terms of the acquisition were not disclosed.
This transaction represents MREC’s third investment in the Naples, Florida housing market. MREC has plans to continue investing in the Naples housing market and believes that demand in Naples will continue to improve in the next few years.
Joel Kaul and Eric Bialke of MREC completed the investment for MREC. Mr. Kaul, managing director, states, “We have maintained our investment focus on Naples and the state of Florida through the housing market correction. We believe there will continue to be opportunities to invest in Florida and that the fundamentals will continue to support housing growth throughout the state.”
Mountain Real Estate Capital is the equity investment arm of the Mountain Real Estate Group. Other affiliates include its lending group, Mountain Funding and its management group, Mountain Asset Management. The investment entity is focused on three types of investments:
* Joint ventures with national and regional homebuilders to develop and sell residential lots and houses
* Acquisition of opportunistic assets for its own account or in partnership with developers
* Acquisition of bank REO and NPL portfolios
MREC’s homebuilder joint venture program is based out of its Minneapolis office. The national origination team has additional offices in Atlanta, Los Angeles, Richmond, Va. and Newport Beach, Calif. Most of the group is comprised of former bank REO managers who were responsible for the management and disposition of 46,000 lots and homes valued at more than $2 billion. Today, Mountain’s team is involved in the ownership or management of over $1 billion of property throughout the U.S. The group continues to focus on joint venture and equity investments with its national network of established developers/builders.
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