A New York City real estate firm has bought its first multifamily property in Jacksonville, according to the brokers representing the sellers.
Quad Property Group bought 112-unit The Forest apartments at 6756 103rd St. for $4.1 million from American Housing Enterprises of Boynton Beach. Quad Property owns several smaller multifamily properties in the Northeast and two boutique apartment properties in Gainesville, according to a statement.
The Forest has a mix of studio, one-, two- and three-bedroom apartments as well as two pools, laundry facilities and a playground.
Franklin Street brokers Jim Reed, director of multifamily investment sales, and Matthew Kesterson, a senior director, brokered the transaction.
The Forest is near I-295 and has easy access to shopping, commercial and downtown employment centers. The seller recently invested in new roofs and exterior finishes as well as renovating the pools. It is nearly 100 percent leased and has below market rental rates.
“The offering garnered very high interest from several qualified investors,” Reed said.
View the original story here: https://www.bizjournals.com/jacksonville/news/2016/09/21/new-york-city-real-estate-firm-buys-its-first.html?ana=e_ae_set3&s=article_du&ed=2016-09-21&u=9cJEknEBRz8qNaad%2F%2FA18Q0cdf4a63&t=1474575966&j=75863772
