Franklin Street’s North Florida office has brokered the sale of a four-property multifamily portfolio on Jacksonville’s Westside. The properties are collectively called the Westside Portfolio and include the Jammes Road Apartments, Wilson Boulevard Apartments, Firestone Apartments and Comet Apartments.
The seller is a local private investor whose ownership dates to the 1970s when the properties were constructed. The buyer is a New York investor and owner of other multifamily units in Jacksonville. Franklin Street exclusively listed the property and the deal closed on Friday, April 20 at a total sale price of $3.4 million.
Real estate in the portfolio includes separate and distinct properties at 2506 Jammes Road (54 units) 6253 and 6259 Wilson Blvd. (32 units), 5537 Firestone Road (20 units) and 550 Comet Street (16 units). The portfolio includes nine buildings, all two stories, built between 1971 and 1975. The deal includes a total of 4.5 acres and more than 74,000 square feet of living space.
“We continue to see investors interested in the strong trends on the Westside,” said Jim Reed, director of investment sales at Franklin Street in Jacksonville, who brokered the deal on behalf of the seller. “These apartment units are popular for workforce housing, especially related to the industrial and commercial growth on the Westside, including Cecil Commerce Center and surrounding corridors.”
Robert Granda, a director of investment sales in Franklin Street’s Fort Lauderdale office, represented the buyer in the transaction. All four apartment properties will continue to be operated as for-lease apartment homes.