Summit Equities announces the closing of 3 new deals for Q1 2012

Summit Equities is pleased to announce the closing of 3 new transactions in the first quarter of 2012.

The first acquisition is a 228-unit luxury apartment community in Greensboro, NC. The acquisition price was at a 58% discount to its $27MM historical valuation. Within 60 days of ownership, Summit has increased the occupancy within the community from 90% to 96% and has increased rental income by over 7%.

Summit Equities also acquired a 40,000 square foot Class A retail center in Nashville, TN as an REO asset direct from a Regional lender. The acquisition price was at a 70% discount to its $13MM historical valuation. Within the first 6 months of ownership, Summit has increased occupancy at the center from 66% to 86% and has increased net income by 42%. Current and foreseeable cash-on-cash returns are in excess of 40%.

Finally, Summit Equities acquired 24,000 square feet of prime residential space across 10 condominium units in a 6-story luxury loft elevatored apartment building, located in a premier TriBeCa location in an off-market transaction. Summit intends to upgrade the asset and sell post renovation.

 

About Black Pearl Capital Partners

Black Pearl Capital Partners is a private equity fund created and managed by Black Pearl Capital (BPC). BPC is an asset management firm registered in the Cayman Islands, with headquarters in Switzerland and offices throughout Europe and the Middle East. For more information, visit www.blackpearlcap.com

Summit Equities LLC

Summit Equities, LLC, a private equity real estate investment firm, targets a diversified portfolio of U.S. real estate investments in multi-family, retail, and commercial markets. Strategies include acquisition, value-add, development, and redevelopment. For more information, visit http://www.summitequitiesllc.com/home

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Black Pearl Capital SA
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CH-1201 Geneva
Switzerland

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T: +41 22 906 9988
F: +41 22 906 9989
E: swiss-info@blackpearlcap.com