TAAO GROUP Acquires Pinebrook Manor
TAAO GROUP has announced the successful acquisition of Pinebrook Manor, an 88-unit apartment complex in Saint Petersburg, Florida.
The property is located within walking distance from the Saint Petersburg General Hospital and just a few blocks away from the VA Hospital and Tyrone Mall, some of the largest employers in the MSA.
The Miami-based firm bought the apartment complex at 3980 N 64th St, for about $96,000 per unit from The Gentile Group after owning it since 2007, according to a release. CIII Group(NY), arranged the five-year interest loan for $6.7 million.
The acquisition triggers the group’s expansion strategy set to acquire 1,200 multifamily units by 2021.
“We are elated with the acquisition of Pinebrook Manor. The Central Florida region is a key market for us, and Pinebrook Manor is an asset with tremendous upside opportunity,” commented Oscar Teran and Antonio Ortiz Managing Members of TAAO GROUP. Ricardo Ciliberto, who leads the multifamily arm of the company added: “TAAO GROUP plans to bring in seasoned property and asset management to bring rents to current market and enhance the property with a proven value-add program that we anticipate will yield great returns for our investors from day one.”
About TAAO GROUP Is a private Miami based full -service real estate investment and development company that specializes in development and multifamily sectors in opportunity markets throughout the Southeast.The group’s strategy has proven to capitalize it’s projects,providing the highest return to their investors through meticulous asset and project management while acquiring, developing or improving real estate assets.