FOR IMMEDIATE RELEASE
Contact: Jariel Bortnick, firstname.lastname@example.org, (646) 362-3284
Quad Property Group Acquires Jacksonville, Florida Multifamily Property.
The Forest, a 112-unit apartment community, is located on 103rd Street in Jacksonville’s Westside neighborhood.
New York, NY – An affiliate of Quad Property Group, a New York based real estate investment firm, has acquired The Forest, a 112-unit apartment complex located at 6756 103rd Street in Jacksonville’s Westside neighborhood. The complex was purchased for $4,100,000.
Jariel Bortnick, a principal of Quad Property Group, said that the acquisition represented a compelling opportunity to acquire a well-maintained, well-located workforce housing complex at a price significantly below replacement cost.
Bortnick stated that the company will complete interior and exterior upgrades at The Forest to further enhance the community’s position in the market.
Additionally, he believes that the recently-announced Amazon fulfillment center and its 1,500 new jobs, Citigroup’s recent expansion and the ongoing development at Cecil Commerce Center, among other projects, will continue to drive the property’s appeal to potential tenants. “The Forest is well-positioned to take advantage of the job growth in Jacksonville, as it is easily accessible from both I-295 and the Cecil Commerce Center,” Bortnick said.
According to Michael Kashan, also a principal at Quad Property Group, the company is actively seeking additional acquisitions in Florida. “We believe that Class B and C apartment complexes, such as this one, offer a great value proposition in today’s market,” Kashan said.
About Quad Property Group:
Quad Property Group is a real estate investment company that specializes in the ownership, redevelopment and management of multifamily and retail real estate. The company’s extensive experience and hands-on, proactive approach to real estate challenges makes the company uniquely suited to add significant value to commercial properties. For more information, visit the company’s website at www.quadpropertygroup.com.