Acting on behalf of Prominent Realty Group of Georgia, the sponsor of Registry at Windsor Parke, a 260-unit garden apartment complex located in Jacksonville, Florida, Eastern Consolidated announced it has raised $10 million in equity, enabling the sponsor to acquire the property.
Principal and executive managing director R. Stuart Gross procured the investor, a Chinese-based family with manufacturing operations in the United States and Mexico.
This represented the first real estate investment undertaken by the family.
“Our client sought $10 million of third party equity to augment his $1.5 million sponsor’s investment,ˮ explained Gross,.
The veteran broker noted that the equity placement “represents further evidence that the influx of foreign capital, including Asian capital, is beginning to migrate out of the gateway markets which have become extremely pricey.ˮ