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KKR and Gulf Bay Group Complete Sale of Mystique at Pelican Bay in Naples, Florida
Rhea-AI Impact
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Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
KKR and Gulf Bay Group have finalized the sale of all condominium units in Mystique at Pelican Bay, totaling approximately $500 million. The joint venture, initiated in 2015, successfully developed the 81-unit luxury condo tower, completed in 2019. KKR's real estate strategies have invested $1.8 billion across various property types in Florida, part of its larger Sun Belt investment strategy. KKR’s real estate assets under management have grown to around $36 billion globally as of September 30, 2021.
Positive
Completed sale of Mystique at Pelican Bay for approximately $500 million, indicating strong demand for luxury properties.
KKR's real estate assets under management have reached approximately $36 billion, showing growth in the sector.
Successfully developed the 81-unit luxury condo tower, enhancing KKR's portfolio in a prime market.
Negative
None.
NEW YORK & NAPLES, Fla.--(BUSINESS WIRE)--
KKR and Gulf Bay Group of Companies (“Gulf Bay”) today announced that they have completed the sale of all condominium units in Mystique at Pelican Bay, a trophy luxury residential tower in Naples, Florida, for a combined value of approximately $500 million.
KKR and Gulf Bay Group formed a joint venture to acquire and develop the parcel of land in Pelican Bay in 2015 and completed construction of the 81-unit luxury waterfront condo tower in 2019. The high-rise property occupies one of the final waterfront lots in Pelican Bay’s master-planned community and was built to the highest standards of resort-inspired modern living. Mystique at Pelican Bay features best-in-class residences and amenities in a preeminent Gulf-front location.
“We have enjoyed a great strategic partnership with Gulf Bay and are proud of the high-quality property we have delivered together,” said Roger Morales, KKR Partner and Head of Real Estate Acquisitions. “From a thematic perspective, South Florida is an attractive market that is continuing to benefit from the net migration trends which underpinned our conviction to invest in the ground-up development of Mystique at Pelican Bay.”
“Collaborating with KKR on the Mystique project presented a unique opportunity for us and we could not be more pleased with the resulting success for both our customers and our strategic partnership,” said Gulf Bay Group of Companies President Aubrey Ferrao.
KKR made the investment in Mystique at Pelican Bay primarily through its Real Estate Partners Americas I fund. Mystique at Pelican Bay was the first investment in Florida by KKR’s real estate strategies, which have since acquired approximately $1.8 billion in multifamily, office, industrial, self-storage and other property types across the market. Florida is part of the firm’s broader Sun Belt strategy of investing in high-quality properties benefitting from trends in net migration and job growth.
Since launching a dedicated real estate platform in 2011, KKR has grown real estate assets under management to approximately $36 billion across the U.S., Europe and Asia as of September 30, 2021. KKR’s global real estate team consists of over 135 dedicated investment professionals, spanning both the equity and credit business, across 12 offices and nine countries.
About KKR
KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
About Gulf Bay
Founded in 1986, Gulf Bay has successfully completed 16 luxury properties along the 1.5 mile stretch of Gulf-front land within Pelican Bay. In addition to its history in Pelican Bay, Gulf Bay’s other award-winning developments include The Brittany high rise on Park Shore Beach; Marco Beach Ocean Resort on Marco Island; and the 4,000-acre award-winning, master-planned community of Fiddler’s Creek. One of the largest privately-owned development companies in Florida, Gulf Bay’s completed and under development build-out market value of luxury residential properties is estimated in excess of $10 billion.
