[Update 1: adds price of deal] Real estate investment company J.I. Kislak purchased three foreclosed multifamily properties from Miami-based Ocean Bank, in a deal priced at $11.5 million. The three properties are in Pensacola, Fla., and have a combined 481 rental units, bringing Kislak's portfolio to 3,100 units. Kislak purchased the Villas at Jasmine Creek, the Villas at Jasmine Fields and all rental units from the Villas at Jasmine Park. The Jasmine Park complex is a condominium building. The deal was a cash transaction without debt that closed in less than 21 days. Kislak said all three properties will undergo substantial renovation over the next 12 months. J.I. Kislak President and CEO Thomas Bartelmo said his firm takes a long-term approach when evaluating potential acquisitions. Kislak owned two multifamily properties with 392 units in Pensacola before the acquisition. "We saw a mutually beneficial opportunity between J.I. Kislak and Ocean Bank to purchase the properties," Bartelmo said. "We understand the Pensacola market and are well-equipped to generate substantial revenue and increase occupancy in these properties to ultimately increase Kislak shareholder value." Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.