Funds controlled by Loci Capital Op Fund GP, LLC, an affiliate of Loci Capital Group, a private real estate fund manager, has sold Pomelo Park Apartments, a 240-unit garden style apartment community in the Lee Vista / Narcoossee submarket of Southeast Orlando, Fla.
“We are pleased to announce the divestment of Pomelo, which will ultimately result in a distribution for our investors in what remains a difficult capital markets environment,” said Garrett Francis, managing principal and head of capital markets at Loci Capital. “Despite the rapid increase in interest rates and difficult capital markets environment, the project was completed on budget and sold profitably, a testament to our joint venture partner, Maifly Development.”
Loci and its development partner, Maifly Development, formed a joint venture in February 2021 to close on the 8.4-acre parcel that would ultimately become Pomelo Park Apartments. The joint venture finished construction in January 202
