DLP Real Estate Capital Acquires 1,086-Unit Multifamily Portfolio in Mississippi, Alabama
ST. AUGUSTINE, FLA. — DLP Real Estate Capital has acquired the 1,086-unit Prosper Gulf Coast portfolio, a four-property multifamily portfolio in Mississippi and Alabama. DLP entered into an Interest Purchase Agreement with its investment partners in the portfolio, Dallas-based RREAF Holdings and Houston-based Mosaic Residential Inc., to gain full ownership of the four communities. The properties in the portfolio includes Prosper Gulfport, Prosper Jackson, Prosper Orange Beach and Prosper Senatobia.
Prosper Gulfport is a 426-unit multifamily property located in Gulfport, Miss. The property sits on 18.4 acres with 19 residential buildings and features a clubhouse, fitness center and resort-style saltwater pool with a sundeck. Units include one- to three-bedroom floor plans that average 1,134 square feet. Interiors include natural oak kitchen cabinetry, built-in microwave, vaulted ceilings, pantry, screened patio/balcony and washer/dryer hook-ups.
Prosper Jackson is a 280-unit multifamily complex located in Jackson. The gated community sits on 15.9 acres with 30 residential buildings and includes a clubhouse, fitness center, two pools with sundecks, a spa and an outdoor entertainment area. Units include options for one to three bedrooms and average 1,035 square feet. Community amenities include faux hardwood floors, white on white kitchen appliances, walk-in closets and covered patios.
Prosper Orange Beach is a 300-unit multifamily complex located in Orange Beach, Ala. The apartment community sits on 50 acres with 13 residential buildings. Community amenities include a fitness center, lake with available fishing, pier with gazebo, boat storage availability and resort-style pool with a fountain. Floor plans range from one- to three-bedrooms and average 1,096 square feet in size. The property’s units offer lake views, natural oak kitchen cabinetry, built-in microwaves, kitchen pantry and ceramic tile in kitchens and bathrooms.
Prosper Senatobia is an 80-unit multifamily complex, located in Senatobia, Miss. Senatobia is 30 miles from Memphis and is considered part of the Memphis MSA. The apartment community sits on seven acres with 10 residential buildings. Community amenities include a clubhouse, swimming pool with outdoor lounge, volleyball court, picnic area and resident events. Units are one- to three-bedrooms and average 1,046 square feet in size. Each apartment features hardwood kitchen cabinets, faux granite countertops, energy-efficient refrigerators, walk-in closets, private entrances and balconies.
Brian Savage and Stephen Perlis of Colliers International brokered the Gulf Coast portfolio deal. The sales price and seller was not disclosed.