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QUAD PROPERTY GROUP BUYS ITS THIRD JACKSONVILLE APARTMENT COMPLEX IN TWO YEARS

A New York-based real estate investment firm acquired its third apartment complex in Jacksonville in the last two years.

Quad Property Group of New York City bought a 44-year-old apartment complex in southwest Jacksonville for $10.75 million, or $70,723 per unit.

Quad Property acquired Ortega Pines, a 152-unit apartment complex at 4800 Ortega Farms Boulevard. The new landlord will rename the property The Palms at Ortega. The apartment complex is just west of Naval Air Station Jacksonville.

Built in 1974, the property has one-, two- and three-bedroom apartments ranging in size from 680 square feet to 1,080 square feet. Common-area amenities include a swimming pool and a renovated clubhouse.

Quad Property plans extensive improvements at the apartment complex that will include adding a pet park, sport court and a business center for residents.

Michael Kashan, a principal of Quad Property, said in a prepared statement that the firm is actively seeking additional acquisitions in northeast Florida: “Jacksonville’s economy is firing on all cylinders.” – Mike Seemuth

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QUAD PROPERTY GROUP ENTERS SC MULTIFAMILY MARKET

An affiliate of Quad Property Group, a real estate investment firm specializing in multifamily property ownership, redevelopment and management, has acquired Grandeagle, a 152-unit apartment community in Greenville, S.C. The $9.4 million transaction marks the company’s first acquisition in the state. According to public records, Grand Eagle Partners has purchased the asset for $5.2 million in 2015.

Located at 50 Glenwood Road, Grandeagle is 3 miles east of downtown Greenville and less than a mile from Interstate 385. Retail and dining venues are within walking distance. The asset 1970-built property has nine buildings, offering a mix of one and two-bedroom units ranging from 600 to 1,175 square feet. Common-area amenities include a swimming pool, picnic and grilling areas, laundry facilities and 208 parking spaces.

The new owner is planning to bring extensive unit and common-area improvements to the property, which will result in updated unit interiors and additional amenity spaces, including a pet park. “Grandeagle is well-positioned to capitalize on the region’s dynamic, growing economy,” Jariel Bortnick, a principal at Quad Property Group said, in a prepared statement.

Another value-add multifamily community has recently traded hands in the same area. CBRE has brokered the $14.6 million sale of 144-unit Beacon Ridge Apartment Homes, which was purchased by PRG Real Estate.

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QUAD PROPERTY GROUP ACQUIRES GULL COVE

NEW YORK CITY – 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. This represents the company’s second acquisition of a Jacksonville-area apartment complex in the past 15 months.

Gull Cove. at 606 Park Ave., one-half mile south of Interstate 295 and 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 more than 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 said 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.

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NEW YORK-BASED FIRM GOES SHOPPING IN JACKSONVILLE

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.”