Jamestown buys Vista View Apartments

SUNNY ISLES BEACH - Jamestown, a real estate investment and development firm based in Atlanta, has purchased the 308-unit Vista View Apartments for $31.25 million, continuing its program of actively pursuing distressed residential and hotel opportunities that advance the firm’s strategic focus.

Consisting of four buildings near Sunny Isles Beach, the acquisition was closed with Aventura-based Sky Development. Jamestown will re-engage the development of the seven-acre complex, progressing renovations and upgrades over the next few years and continuing to operate the apartments under a fresh identity known as Beach Place.

Applying its most recent opportunity investment fund, Jamestown Co-Invest V, the firm did not obtain funding for the purchase of Beach Place. With approximately $430 million raised in its Jamestown Co-Invest V, Jamestown continues to focus on core markets with high barriers to entry and distressed residential and hotel investments.