Quad Property Group Acquires Another Jacksonville, Florida Apartment Complex.


Date: 12/13/17

Contact: Jariel Bortnick, jbortnick@quadequities.com, (646) 362-3284

Quad Property Group Acquires Another Jacksonville, Florida Apartment Complex..

Gull Cove, a 105-unit apartment community, is located on Park Avenue in Orange Park

New York, NY – An affiliate of Quad Property Group, a New York based real estate investment firm, has acquired Gull Cove, a 105-unit apartment complex in Orange Park, a suburb of Jacksonville, Florida. The transaction closed on December 12, 2017 and represents the company’s 2nd acquisition of a Jacksonville apartment complex in the past 15 months.

Gull Cove is located at 606 Park Avenue, one-half mile south of I-295 and convenient to major employment and retail centers. The complex is composed of large one, two and three-bedroom apartments. Gull Cove also features a swimming pool and clubhouse, along with other resident amenities.

Jariel Bortnick, a principal at Quad Property Group, stated that the acquisition of Gull Cove was a compelling opportunity to acquire a well-maintained, 1970’s property that had been held by the same family for over 40 years.

The apartment complex has not had any major improvements since it was built, according to Bortnick, so the company plans to make significant renovations. Bortnick stated that “through our renovation program, we plan to make numerous enhancements that will greatly improve the tenant experience at Gull Cove, both inside individual apartments and throughout the complex.”
According to Michael Kashan, also a principal at Quad Property Group, the company is excited to add another Jacksonville-area property to its portfolio and is actively seeking additional acquisitions in Northeast Florida.

“With Jacksonville’s dynamic economy and tremendous growth, we are delighted to acquire another apartment complex in the area,” Kashan said. “As we grow our portfolio, Jacksonville is certainly an area of focus.”

Quad Property Group is a real estate investment firm that specializes in the ownership, redevelopment and management of multifamily property. The company’s extensive experience and hands-on, proactive approach to real estate challenges makes the company uniquely suited to add significant value. For more information, visit the company’s website at www.quadpropertygroup.com.


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