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Olympic-Heitman Alliance Buys Jacksonville Apartments

JACKSONVILLE, FL-With an acquisition kitty of about $100 million, the alliance pays Univesco Inc. of Dallas $9.8 million, or about $36,296 per unit, for the 20-year-old, 270-unit, 92%-leased Oak Forest Apartments. The alliance bought the asset for an undisclosed Heitman institutional investor.

By Alex Finkelstein | Updated on August 07, 2003

JACKSONVILLE, FL-Olympic Investors LLC of Seattle and Heitman Financial LLC of Chicago are the new joint owners of Oak Forest Apartments, a 20-year-old, 270-unit, 92%-leased multifamily community here.

The alliance purchased Oak Forest from Univesco Inc. of Dallas for $9.8 million, or about $36,296 per unit. The buyers plan to invest an additional $1.35 million in interior renovations at the Clay County property located at 198 Arora Blvd. in the southwest suburb of Orange Park. The site is about one mile south of Interstate 295 at Blanding Boulevard.

The Olympic-Heitman strategic alliance was formed to invest about $100 million in discretionary capital in class B and class C multifamily assets for a major Heitman institutional investor.

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