Lynd Acquisitions Group and its JV partner Topaz Capital, sold a 444-unit value-add multifamily asset in Jacksonville for $66 million three years after acquiring it for $35.15 million.
The partnership invested approximately $5 million updating both living spaces and common areas. They renovated approximately 75% of the units, increasing average rents from $783 per month to $1,078 per month at the time of closing.
Located at 5327 Timuquana Road, the garden-style Topaz Villas features one-, two- and three-bedroom units. The community is located near major employment centers, the St. John's River and the beach. The pools, playgrounds and recreational areas all received facelifts.
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