KKR and Gulf Bay Group of Companies (Gulf Bay) have sold all condominium units in Mystique at Pelican Bay, a trophy luxury residential tower in Naples, Florida, for a combined value of approximately $500 million
KKR and Gulf Bay Group formed a joint venture to acquire and develop the parcel of land in Pelican Bay in 2015 and completed construction of the 81-unit luxury waterfront condo tower in 2019.
The high-rise property occupies one of the final waterfront lots in Pelican Bay’s master-planned community and was built to the highest standards of resort-inspired modern living. Mystique at Pelican Bay features best-in-class residences and amenities in a preeminent Gulf-front location.
“We have enjoyed a great strategic partnership with Gulf Bay and are proud of the high-quality property we have delivered together,” said Roger Morales, KKR Partner and Head of Real Estate Acquisitions. “From a thematic perspective, South Florida is an attractive market that is continuing to benefit from the net migration trends which underpinned our conviction to invest in the ground-up development of Mystique at Pelican Bay.”
“Collaborating with KKR on the Mystique project presented a unique opportunity for us and we could not be more pleased with the resulting success for both our customers and our strategic partnership,” said Gulf Bay Group of Companies President Aubrey Ferrao.
KKR made the investment in Mystique at Pelican Bay primarily through its Real Estate Partners Americas I fund. Mystique at Pelican Bay was the first investment in Florida by KKR’s real estate strategies, which have since acquired approximately $1.8 billion in multifamily, office, industrial, self-storage and other property types across the market. Florida is part of the firm’s broader Sun Belt strategy of investing in high-quality properties benefitting from trends in net migration and job growth.
