Pinnacle Pointe Apartments was acquired in a joint-venture between Stratford Management and Eastham Capital Fund V in 2019
Crestview, Fla. -- Eastham Capital, a private equity real estate firm dedicated to providing superior, risk-adjusted returns to investors through the transformation of undervalued multifamily real estate, announces the $21.75 million disposition of Pinnacle Pointe Apartments, a 150-unit apartment community, located in Crestview, Florida. The property was acquired for the portfolio of Eastham Capital Fund V, LP in partnership with Stratford Management in April 2019.
Pinnacle Pointe was the 12th collaboration between Eastham and Stratford. To date, the partners have co-invested in 19 properties together.
"Pinnacle Pointe was a terrific investment for Eastham Capital, proving our capability to create value in the Florida Panhandle," said Matthew Rosenthal, founder and managing director of Eastham Capital. "The property's strong performance, with 29.9% revenue growth during our ownership period, upholds our value-add investment strategy."
“We value our relationship with Eastham Capital and look forward to continuing investing in value-add multifamily real estate together in the future,” said Andrew Gordon, founder and President of Stratford Management.
Eastham Capital acquired 75% ownership in the property in April of 2019, with Stratford and its affiliates owning the remaining 25%. As the property manager, Stratford implemented a thorough repositioning strategy that substantially improved the property's appearance and profitability. During the approximately six-year hold period, Eastham and Stratford completed substantial exterior and interior unit renovations, decreased unit vacancies, and increased average monthly rental revenue. The property has maintained excellent occupancy levels, continuously achieving up to 97% occupancy during their time of ownership.
Pinnacle Pointe Apartments, located at 1000 Patriot Lane, was built in 2010 and includes a mix of one-, two-, and three-bedroom units ranging from 829 to 1280 square feet. It also has a resort-style pool with sundeck, a state-of-the-art fitness center, a dog park, a playground, and walking and biking trails nearby.
