Sale of 198-Unit Residential Waterfront Project in Pasadena, FL
December 23, 2010
The sale of our 198-unit waterfront residential project in Pasadena, Florida closed on December 23, 2010. The total cost of the property was $16.5 million and sold for $21 million. Legacy Capital Partners’ original investment was $2.14 million of the $7 million total equity requirement. The total distributions to the Fund, including operating cash flow during the holding period and sale proceeds, generated a 53% internal rate of return and a 1.53x multiple.