JACKSONVILLE, FL-Continuing the trend toward a hotter Florida multifamily market, Wood Partners has snapped up Magnolia Village Apartments, a class A multifamily complex. Terms of the deal were not disclosed.
Built in 2008, Magnolia Village offers six buildings with 168 units on an 8.44-acre site in Jacksonville's Southside neighborhood at 1620 Bartram Road. Wood Partners says the property was purchased on a short sale at a "significant discount to replacement costs." Lubert-Adler and Carter & Associates are equity partners on the acquisition, which was brokered by Apartment Realty Advisors of Atlanta.
"Magnolia Village fits the direct center of our strategy to buy well-constructed, well-located assets in stabilized sub-markets that exhibit stabilized cash flow with room for growth," says Jay Jacobson, director of national acquisitions for Wood Partners. "We found the near-in Southside area attractive due to its infill nature, which was further enhanced by the adjacent re-development of a Publix grocery store that anchors a new neighborhood shopping center - a convenient amenity for our residents."
Magnolia Village is a gated community offers access to downtown Jacksonville and the beaches. The property has one- two- and three-bedroom floor plans with up to 1,513 square feet. Units feature designer kitchens with General Electric black appliances, maple-finished cabinets, ceramic tile in the kitchen and foyer, built-in computer desks and high-speed Internet wiring, ceiling fans in the kitchen and master bedroom, and a washer and dryer in each unit. Some units offer screened porches and balconies.
"Even though Jacksonville has been overlooked by some national institutional investors, our ability to selectively target out-of-favor, but high-performing primary markets, gives us an advantage," says Curtis Walker, Wood Partners' acquisition officer. "As these markets continue to improve macro-economically and their associated research reflects this, we forecast a significant improvement in asset values relative to our acquisition basis."
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