The limited partnership purchased 9.41 acres of Gulf-front, bank-owned property in Panama City Beach, Fla., for $8.75 million. With 845 feet on the Gulf of Mexico, the property was previously approved to house a 30-story, 688-unit condominium.
Meanwhile, the fund also purchased 395 acres on Baldwin County road 6 in Gulf Shores for $1.435 million. Nathan Cox of Bellator Real Estate & Development represented the buyers in both transactions. Tom Polous of Carney Realty represented the sellers in the Panama City deal
Cox partnered with Bienville Capital Management principals Billy Stimpson, Cullen Thompson and Ralph Reynolds in July 2012 to establish the Gulf Coast Opportunities Fund. The roughly $61 million fund focused on buying distressed real estate assets across the Gulf Coast.
By the close of 2012, the fund had closed on nearly $35 million in property with another $16.5 million in assets under contract and scheduled to close in the first quarter of 2013.
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