Nearly $50 million has been invested by Prospect Capital Corporation in Florida and Georgia as they expand their business portfolio into real estate.
Being comprised of over 100 companies with accumulating assets and committed capital of over $4 billion, Prospect is one of the largest and most diverse businesses worldwide.
With regard to the company's expansion into real estate, the President and Chief Operating Officer at Prospect, Grier Eliasek, said: "While our initial real estate investments have been in industrial and multi-family residential properties, Prospect is interested in all types of direct and indirect real estate investments, including properties owned by private equity-owned companies."
He went on to conclude, "We have hundreds of millions of dollars of liquidity, are growing, and are actively screening new investment opportunities in real estate and beyond."
By investing debt and equity into the de-consolidated company, APH Property Holdings, Prospect were able to invest $30.4 million into the acquisition of Live Oaks in Tampa, Florida.
This residential, multi-family, garden style apartment complex was completed in 1991. It consists of 55 buildings that house 770 residential units in 60 acres of land.
In addition to investing in the state of Florida, Prospect have also purchased two properties in Georgia totaling $17.4 million - one being a residential, multi-family property and the other, an industrial facility.
The move into real estate has come at a time when investment in the property market is on the increase in the US. Larger investment property companies have recently been taking an avid interest in the Florida area.
