FAIRHOPE, Alabama – The Gulf Coast Opportunities Fund has purchased Fairhope Falls subdivision off Alabama Highway 104 for $2 million, marking the limited partnership’s second multi-million dollar deal in less than one week.
The Fairhope property includes 150 partially developed lots on 118 acres, 24 acres for future development and 43 acres of conservation area along Fish River.
Nathan Cox of Bellator Real Estate & Development LLC represented the buyers, while Philip Hodgson and Rance Reehl of Coldwell Banker Reehl Properties represented the seller.
Cox said the group has already started cleaning up the subdivision and hopes to move quickly towards obtaining a final plat in order to have new homes ready by late spring. It was not immediately clear what regulatory steps the developers must first clear before proceeding with the plan.
The Gulf Coast Opportunities Fund is one of two limited partnerships comprising Bienville Capital Management LLC with offices in both Mobile and New York. Bienville Capital Partners is the other.
According to Bienville’s website, the firm “often partners with our investors to create dedicated investment vehicles in order to capitalize on specific, hard-to-access opportunities that our investment process has identified.”
The Gulf Coast Opportunities Fund, meanwhile, was formed in 2012 to acquire distressed real estate along the Gulf Coast of Alabama, Florida and Mississippi. Specifically, the local company seeks to “scale investment activities to capitalize on continued technical selling pressure that has recently dislocated prices from fundamental value.”
The Fairhope Falls announcement comes less than one week after the development fund purchased 446 bank-owned acres that included 78 partially developed lots off Alabama Highway 64 in Daphne for $1.8 million.
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