Funds managed by Loci Capital Fund I LP, an affiliate of Loci Capital Group LLC, have completed a recapitalization of Prose Stevens Pointe, a 264-unit apartment community in St. Cloud, Fla.
The property, located at 3010 Camber Drive in Osceola County near Orlando, is situated on a 10.9-acre site within the Stevens master-planned community.
Prose Stevens Pointe was underwritten with a business plan focused on delivering rents below comparable new construction in the submarket. At acquisition, the site was fully entitled and included completed site work, which contributed to the project’s cost basis.
“Prose Stevens Pointe is a good example of how disciplined basis and thoughtful deal structuring can create durability across market cycles,” said Garrett Francis, head of multifamily at Loci Capital. “The team remained focused on executing the business plan and positioning the asset for liquidity through a shifting capital markets environment, ultimately deli
