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Thursday, February 5, 2009

What's Going on with Botanical Square's New Owners?

Thanks to the folks at Boogie Downer for picking up on Botanical Square's availability. What's most bizarre here is that these two buildings, along with a few dozen others, were just sold this past June. While Pinnacle was cited as the owner in the past, it seems they were and still are the manager. What we belive happened in June was that one private equity firm replaced another, with Praedium getting out of the deal and Hudson Realty Capital became the new investor.

Praedium appears to have made a killing on the deal, selling to Hudson for about 32% above what they had bought the whole portfolio for four years earlier. But now Hudson looks to be selling a few of these buildings, including BotSq, at a major loss.

From what I could glean from the realtor's website compared to our own sales price data, they are selling 9 of buildings they just recently purchased with over 600 apartments for $46.5 million. While that sounds like a lot of money (indeed, it is), even if they get what they are asking they will be selling at a loss of more than $10 million, from just this June.

I guess they won't be the only ones who've taken a huge loss on their investments since this summer!

1 comment:

  1. Definitely strange stuff... We'd love to know the back story behind this flip (or, more appropriately, flop).


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