J.I. Kislak, Inc., Miami Lakes, said it inked a deal to buy three distressed multifamily properties from Ocean Bank of Miami. No purchase price was disclosed.
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The properties, located in Pensacola, contain 481 rental units and were recently foreclosed upon.
J.I. Kislak, a 100-plus year old real estate company, said the multifamily deals bring its rental unit portfolio to more than 3,100 apartments.
"J.I. Kislak takes a long-term approach when evaluating potential acquisitions," said Thomas Bartelmo, president and CEO of the firm. "We saw a mutually beneficial opportunity between J.I. Kislak and Ocean Bank to purchase the properties."
Last year Kislak relaunched its mortgage unit and currently is funding purchase money loans in the state.
