Gentry Mills Capital, a real estate investment firm and sponsor of non-traded direct investment offerings, announced that the firm sold two of the three assets in the currently active GMI-Long Island 154 LP partnership.
The assets sold consisted of two ground leases in Ronkonkoma, New York.
The third asset in the partnership, the Courtyard by Marriott Ronkonkoma, remains in the active partnership and Gentry Mills says it continues to perform well, enabling quarterly distributions to continue to be paid to investors until the sale of the hotel.
The sale of the ground leases closed on Dec. 18, 2022, with a final sale price of $6.9 million. To date, each investor in the partnership has received distributions that total approximately 82% of their original investment amount.
“We are excited to share this good news with the Limited Partners of our Long Island 154 partnership,” said William P. Glass, president of Gentry Mills Capital. “The Courtyard by Marriott Ronkonkoma has been a consistently strong performer since we acquired it because of the MacArthur Airport, multiple healthcare centers, and other room night generators nearby. Paired with the sale of the two ground leases, this partnership continues to generate an outstanding rate of return for its Limited Partner investors. We are committed to solid fundamentals that are centered around increasing value and keeping costs low, and our success is a result of that commitment. We look forward to delivering even more good news as we monitor the development of the Ronkonkoma Train Station and its positive impact on our Courtyard hotel.”
Gentry Mills Capital LLC is a Dallas-based, real estate investment firm whose purpose is to seek out, package and provide high quality commercial real estate investment opportunities through the broker-dealer community. Since 2006, Gentry Mills has raised more than $270 million in capital with 17 of 37 total programs going full cycle.
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