KKR and Gulf Bay Group Complete Sale of Mystique to Pelican Bay in Naples, Florida
NEW YORK & NAPLES, Florida, November 12, 2021– (BUSINESS WIRE) – KKR and Gulf Bay Group of Companies (“Gulf Bay”) today announced that they have completed the sale of all condominium units of 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 plot of land in Pelican Bay in 2015 and completed construction of the 81-unit waterfront luxury condo tower in 2019. The large property height occupies one of the last waterfront lots at The Planned Community of Pelican Bay and was built to the highest standards of modern resort-inspired living. Mystique at Pelican Bay offers premier residences and amenities in a preeminent location facing the Gulf.
âWe have enjoyed an excellent strategic partnership with Gulf Bay and are proud of the high quality property we have delivered together,â said Roger Morales, KKR Partner and Head of Real Estate Acquisitions. âThematically, South Florida is an attractive market that continues to benefit from the net migration trends that have underpinned our belief to invest in the core development of Mystique in Pelican Bay.
âWorking with KKR on the Mystique project presented a unique opportunity for us and we could not be more pleased with the resulting success for our clients and our strategic partnership,â said Aubrey Ferrao, President of Gulf Bay Group of Companies.
KKR invested 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 Real Estate Strategies, which have since acquired approximately $ 1.8 billion. dollars in multi-family, office, industrial, self-storage and other types of properties on the market. Florida is part of the Sun Belt Company’s broader strategy of investing in high-quality properties benefiting from trends in net migration and job growth.
Since launching a dedicated real estate platform in 2011, KKR has grown its real estate assets under management to approximately $ 36 billion in the United States, Europe and Asia as of September 30, 2021. KKR’s global real estate team consists of more than 135 dedicated investment professionals, covering both equity and credit activities, in 12 offices and nine countries.
KKR is a leading global investment firm providing alternative asset management, capital markets and insurance solutions. KKR aims to generate attractive returns on investment by following a patient and disciplined approach to investing, employing world-class people and supporting the growth of 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 pension, life and reinsurance products under the leadership of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For more information on KKR & Co. Inc. (NYSE: KKR), please visit the KKR 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 in Pelican Bay. In addition to its history in Pelican Bay, other award-winning Gulf Bay developments include the Brittany skyscraper on Park Shore Beach; Marco Beach Ocean Resort on Marco Island; and the award-winning, planned 4,000-acre community of Fiddler’s Creek. One of Florida’s largest privately-owned development companies, the market value of completed construction and under development of luxury residential properties in Gulf Bay is estimated at over $ 10 billion.
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Miles Radcliffe-Trenner and Julia Kosygina