Franklin Street’s North Florida office brokered the sale of Casa Grande Apartments, a 59-unit rental community in Jacksonville, Fla. The property is located on 6455 San Juan Avenue in Jacksonville’s Hyde Grove neighborhood. The purchase price of $3,414,000, or $57,864 per unit, represents the highest price per unit for a 1960s-era multifamily property of less than 100 units sold in the Jacksonville market.
Franklin Street’s Jim Reed, director of multifamily investment sales, brokered the sale on behalf of the sellers, a California-based real estate investment group, with the assistance of St. Johns Properties of Jacksonville, which will be managing the property for the buyer. The buyer is a consortium of investors led by Rama Krishna of Cupertino, Calif., who have acquired a total of 130 apartment units in Jacksonville this year. Franklin Street’s Lonnie Kitchen provided insurance services for the asset. Agency financing was provided through the Atlanta office of CBRE.
“Casa Grande is a real gem on the west side of Jacksonville, having been expertly maintained with no deferred maintenance of any kind,” said Reed. “The asset is well positioned to provide years of successful operations to the buyers. The price is truly indicative of the level of investor interest in the Jacksonville market.”
The property has been enhanced with over $100,000 in capital improvements completed over the last two years. Casa Grande has six two-story buildings of concrete block construction and features a pool and coin laundry. Casa Grande is conveniently located on San Juan Avenue between Jammes Road and Lane Avenue with easy access to I-295 and I-10.
About Franklin Street: Celebrating more than 10 years in the business, Franklin Street is a family of full-service commercial real estate companies focused on delivering value-add solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Real Estate, Capital, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.