Jamaican real estate investment company, Kingston Properties Limited today (September 10) entered into an agreement to acquire three of four pre-construction units in a mixed-use industrial development in the Cayman Islands called Gum Tree 5.

The units are slated for completion in October 2022 and are being acquired for a consideration of approximately US$3.13 million. KPREIT has an option to acquire the fourth unit at the completion date.

Last month, Kingston Properties acquired a 155-unit multi-family property located at 2800 Camp Creek Parkway in Atlanta, Georgia. The acquisition was executed through KPREIT’s wholly owned subsidiary, Kingston Properties Miami LLC.

The company announced that today it entered into a partnership agreement with Apex Development Group LLC and Treevita Holdings LLC to form Polaris at Camp Creek Partners LLC for the acquisition of the 155-unit multi-family property in Atlanta.

The property is a value-add opportunity that was acquired for a consideration of US$15.5 million and was financed 75 per cent by debt and 25 per cent equity from the partners with Kingston Properties owning just under 40 per cent of the entity. The property will undergo phased improvements over the next two years to improve the tenant base in a market that has seen an average of five per cent annual rent growth.