ATLANTA, GEORGIA – Vista Realty Partner Eduard de Guardiola has acquired 290 luxury units completed in March 2002, known as Gables at Crestwood in Royal Palm Beach, Palm Beach County, Florida, from a joint venture between J.P. Morgan and Gables Residential. This transaction heralds Vista’s expansion into the Florida multi-family market.
The property is located adjacent to Wellington, Palm Beach County’s successful master-planned community containing in excess of 10,000 acres. It is minutes from the new Wellington Regional Mall completed in 2002, which contains in excess of 1.3 million square feet, and has easy access to the Florida Turnpike and I-95, making Gables at Crestwood a convenient living community.
The project is capitalized through a combination of acquisition and mezzanine financing provided by Regions Bank and Merrill Lynch Capital, respectively.
Vista is an Atlanta-based real estate investment company specializing in the ownership and development of rental and for-sale multi-family housing throughout the Southeast. It currently has 514 units under construction in Atlanta, with an additional 1,456 units under development, and/or lease-up.