Bluwater Acquires $28 Million Capital Pursuits Property Portfolio

February 12, 2018

Capital Pursuits today announced that it has completed the initial closing under the amended and restated share purchase agreement entered into with BluWater Capital in late 2017, resulting in the transfer of CP’s interest in 13 real estate joint ventures in South Carolina, Georgia and Nevada for an all-cash purchase price of $28 million on a cash-free, debt-free basis. Capital Pursuits and BluWater expect to continue to transfer ownership of its joint venture investments in phases over the coming months, with the goal being to complete the transfers in spring of 2018. 

“Successfully completing this closing marks an important step in our exit of these long term joint ventures and frees up capital for reinvestment. Our plan was always to exit the joint ventures as the assets stabilized and put the money back into early stage social-retail mixed development opportunities similar to what we are seeing in the SoHo area of Tampa, FL.” said Managing Member Blake Plumley. “I am proud of the development teams for their commitment and dedication to achieving the goals we set forth with these joint ventures. I also want to thank our teams for their continued support as we complete the transfer process over the next several months and implement our plans to reinvest in new opportunities.”

Capital Pursuits expects to use a substantial majority of the net proceeds from the transaction to invest in early stage mixed use developments it deems to include a large social-retail component with first floor retail that focuses on social experiences including restaurants, bars and boutique shopping with higher floors focused on for sale and rental housing in walkable environments.

Capital Pursuits is a U.S. based family office that specializes in the development, management and sponsorship of real estate focused private equity and debt opportunities. Predominantly, Capital Pursuits focuses on real estate based opportunities in the conservation, hospitality, travel or tourism industry that are based upon thorough due diligence, financial modeling and sales forecasting. More information is available through the company's website at . 

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