Brookwood Financial Partners, L.P. Announces the Sale of Residential Lots at Harbour Isles in Apollo Beach, Florida

BEVERLY, Mass.--(BUSINESS WIRE)--Brookwood Financial Partners, L.P. (“Brookwood”) announced the sale of single-family residential lots at Harbour Isles in Apollo Beach, Florida. Two sales have been consummated. On May 24, 2010, 29 70-foot lots at Harbour Isles were sold to KB Home Tampa, LLC and on August 4, 2010, 29 70-foot lots were sold to K. Hovnanian Homes.

“The purchase of the lots by homebuilders in today’s environment is indicative of the desirable location and quality of the property”

“The purchase of the lots by homebuilders in today’s environment is indicative of the desirable location and quality of the property,” stated Thomas W. Brown. “Homebuilders are actively selling homes in Harbour Isles,” he continued.

Harbour Isles is a planned residential community comprised of 500 lots on 339.5 acres. Brookwood acquired direct title to 242 single-family lots in February of 2010 through a pre-planned foreclosure sale after purchasing a note secured by the property. Brookwood holds the lots as part of a portfolio that includes similar assets in Punta Gorda, Lehigh Acres and Cape Coral, Florida. All of the lots held by Brookwood are finished or entitled lots located in gated communities with no or limited CDD obligations.

About Brookwood – Brookwood is a Massachusetts-based private equity firm that acquires real estate and invests in private companies. Since 1993, Brookwood has acquired 63 properties totaling approximately 8.2 million square feet of office, retail and research & development space as well as 143 hotel rooms, 138 condominium units and 572 apartments units. Brookwood has acquired real estate assets throughout the United States including Arizona, California, Colorado, Florida, Georgia, Maine, Maryland, Massachusetts, New Jersey, North Carolina, Rhode Island, Texas and Virginia. In addition, Brookwood has invested in eight private companies in the wireless telecommunications, restaurant, software and outsourcing industries. Brookwood has invested approximately $420 million in equity to acquire assets with a realized and unrealized value of approximately $1.1 billion.