Jacksonville, Fla.—An affiliate of Quad Property Group, a New York-based real estate investment firm, has acquired The Forest, a 112-unit apartment community located in Jacksonville’s Westside neighborhood.
Quad Property acquired the asset for $4.1 million, or $36,300 per unit, from American Housing Enterprises. CBRE Capital Markets provided a seven-year, $3.1 million Freddie Mac loan for the purchase.
Built in two phases in 1966 and 1970, The Forrest is situated on 5.3 acres at 6756 103rd St. It comprises four buildings with one-, two- and three-bedroom apartments with private patios or balconies in select units. Property amenities include a swimming pool, laundry facilities and a total of 145 parking spaces. The community is currently managed by ConAm Management and as of 2016, average monthly rents sit at $584, according to data provided by Yardi Matrix.
Quad Property Group Principal Jariel Bortnick stated that the acquisition represented a compelling opportunity to acquire a well-maintained, well-located residential community at a price significantly below replacement cost. The company will complete interior and exterior upgrades to further enhance the community’s position in the market. 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 residents.
“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,” said Bortnick in prepared remarks.
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.”