Home-Rental Firm Seeks Apartments
A firm that built its business buying distressed single-family houses and turning them into rentals is now switching strategies and pursuing traditional multi-family properties. PIA Residential is the new name of a Miami shop that jumped into the South Florida housing market during the downturn a decade ago, snatching up hundreds of foreclosed homes at […]
PIA Residential Acquires 224-Unit Crystal Lake Apartments in Pensacola, Florida for $26.3 Million
PENSACOLA, FL – In its first acquisition since transitioning from single-family rental homes to institutional multifamily apartments, PIA Residential of Miami has acquired Crystal Lake, Apartments, a 224-unit value-add community in Pensacola, FL for $26.3 million. The 24-acre Class B rental community at 7680 West U.S. Highway 98, is 98 percent occupied. “Crystal Lake has the […]