Florida residential tower sells for $500m

KKR and Gulf Bay Group of Cos. have completed the sale of all condominium units in Mystique at Pelican Bay, a luxury residential tower in Naples, Fla., for a combined value of about $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.

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 about $1.8 billion in multifamily, office, industrial, self-storage, and