Commercial Real Estate, Capital, Insurance, Leasing & Management

Franklin Street closes $3.4M sale

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Franklin Street’s Jim Reed, director of multifamily investment sales, brokered the sale of Casa Grande Apartments, a 59-unit community in Jacksonville.

Excerpted from Jax Daily Record story.

Franklin Street’s North Florida office brokered the sale of Casa Grande Apartments, a 59-unit community in Jacksonville.

The property is at 6455 San Juan Ave. in the Hyde Grove neighborhood.

The purchase price of $3,414,000, or $57,864 per unit, was 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 seller, 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, California, who have acquired 130 apartment units in Jacksonville this year.

Franklin Street’s Lonnie Kitchen provided insurance services. Agency financing was provided through the Atlanta office of CBRE.

For full story, visit https://www.jaxdailyrecord.com/node/115998

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