Excerpted from CoStar story.
A consortium of private investors led by Rama Krishna of Cupertino, California, purchased a 59-unit apartment complex in Jacksonville, Florida, for $3.4 million, or about $58,000 per unit.
The group of investors acquired the multifamily community from another California-based investment group, with the assistance of locally based St. Johns Properties, which will be managing the property for the new ownership.
Known as Casa Grande, the low-rise community was originally built in 1966, but the previous owners have invested more than $100,000 in capital improvements for the apartment complex over the last couple of years.
Located at 6455 San Juan Ave., Casa Grande offers a mix of studio, one- and two-bedroom floorplans, ranging in size from 300 to 1,025 square feet, according to CoStar data.
Jim Reed of Franklin Street’s North Florida office brokered the deal on behalf of the seller.
Please see CoStar COMPS #4588756 for information on this transaction.
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