Galium Capital, LLC, a Miami-based private equity group led by Jacques Bessoudo and Iser Rabinovitz, has announced the sale of two properties, successfully completing the firms first investment cycle. The properties sold include 95 Burnett, a multifamily property in Renton, WA, as well as The Shoppes at Lake Mary, a retail center in Lake Mary, FL. The sale of the properties led to Galium Capital producing gross returns of a 23.5% IRR and 1.85X multiple for their investors.
“We are excited for the conclusion of a great investment cycle of these two outstanding properties and producing successful returns for our valuable investors. The sales mark a reflection of the great momentum we have going throughout our portfolio and we look forward to maintaining solid growth as we close out 2021,” said Jacques Bessoudo, Managing Partner at Galium Capital.
The Shoppes at Lake Mary, located at 101 N. Country Club Road in Lake Mary, FL, was one of the first assets acquired by Galium Capital in April 2018. The 38,495 SF shopping center sold for $8.4 million after Galium Capital successfully executed a value add strategy by renovating and upgrading the roof, lighting, painting, landscaping and parking lot. The property was 94% leased at the time of sale with tenants including Lake Mary Dry Cleaners, Debs Kitchen, Pinch A Penny, Training for Warriors, Burn Boot Camp, Lighthouse Seafood, Morganic Meats and Foxcase LLC.
The Shoppes at Lake Mary
Galium Capital also successfully sold 95 Burnett, a 106-unit multifamily located in the Seattle MSA in Renton, WA for $40 million. Galium Capital acquired 95 Burnett in 2018 and executed a value add strategy through implementation of operational and capital improvement strategies including a major renovation of the building’s amenities and apartment units.
95 Burnett
Recently, Galium Capital had been one of the most active buyers in the Houston, TX market. In the past 12 months Galium Capital has acquired over 1,100 residential units and 65K of retail square footage in prime locations throughout Houston’s Galleria submarket. In August Galium Capital closed on the 340-unit, LEED Gold-certified Millennium High Street for the group’s third acquisition in the Galleria-district after closing on on the 431-unit Tate Tanglewood in May 2021 and 361-unit, Fairmont on San Felipe in September 2020.
Galium Capital owns and manages a portfolio in excess of $600 million of commercial real estate assets across the multifamily, office, and retail sectors in major markets across the United States. You can learn more about Galium Capital at www.galiumcapital.com.
95 Burnett
The Shoppes at Lake Mary