Prospect Capital invests $76.5M in the Resort

Pembroke Pines multi-family rental development part of REIT's $151M holdings
June 27, 2013 02:00PM

From left: the Resort and Bart J. de Bie

Publicly-traded business development company Prospect Capital Corporation closed on a $76.5 million investment in the Resort, a multi-family residential complex in Pembroke Pines, according to a company release.

Along with The Carroll Organization, an operator of multi-family properties throughout the U.S. Southeast, Prospect acquired the complex for $225 million in one of the region’s biggest multifamily deals this year.

Prospect Capital, with more than $4.7 billion in assets and capital under management, financed the sale by investing debt and equity into its holdings company, APH Property Holdings, LLC, which owns a private real estate investment trust.

Including the Resort, APH’s REIT has made seven real estate investments into multi-family properties totaling $151.6 million, according to the release, and Prospect is in the market for more mutli-family residential real estate.

“These rent-producing properties generate attractive current yields as well as long-term capital appreciation potential,” Prospect Managing Director Bart J. de Bie said in the release.

Prospect brought in The Carroll Organization as operator of the Resort, where 1,520 rental units are spread across 190 buildings on an 85-acre parcel of land. –Emily Schmall