As reported by ConnectMoney, IREI, and Yahoo Finance, among others, Loci Capital recently announced the divestment of Pomelo Park Apartments, a garden style apartment community in the Lee Vista / Narcoossee submarket of Southeast Orlando, Florida.  The buyer subsequently rebranded the community Century Vista Palms.

Loci and its development partner, Maifly, formed a joint venture in February 2021 to close on the 8.4-acre parcel that was developed into the 240-unit complex. The joint venture finished construction in January 2023 and stabilized the asset in August 2023, after which it pursued a marketed process to sell the property. The successful sale process for the asset was run by Newmark, including Scott Ramey (Vice Chairman), Brad Downing (Director), Patrick Dufour (Vice Chairman), and Paul Grant (Associate). 

“We are pleased to announce the divestment of Pomelo, which will ultimately result in a distribution for our investors in what remains a difficult capital markets environment,” said Garrett Francis, Managing Principal and Head of Capital Markets at Loci Capital. “Despite the rapid increase in interest rates and difficult capital markets environment, the project was completed on budget and sold profitably, a testament to our joint venture partner, Maifly Development.”