Jacksonville, Fla.—Carroll Organization and investment partner NorthStar Realty Finance Corp. have acquired multifamily community Paddock Club in Jacksonville, Fla., their second major acquisition in the area within the past two months.
“The rebound in the Jacksonville job market and specifically all the activity surrounding the JAXPORT, new finance and manufacturing companies to the city, and St. Johns Town Center make this an attractive investment opportunity,” Josh Champion, president of investments, The Carroll Organization, tells MHN. The Jacksonville unemployment rate has dropped to 6.5 percent, and recently Forbes Magazine named Jacksonville the third best city in the country to find employment.”
The community is located near St. Johns Town Center, as well as Jaxport, Route 9A, NAS Mayport, University of North Florida, Jacksonville University, Jacksonville and Neptune Beaches and Jacksonville International Airport.
Paddock Club, which was built in three phases from 1990 to 1997, includes one-, two- and three-bedroom units. Amenities include two lakes with jogging trails, fountains and a gazebo; two swimming pools with a fountain and sundeck; lighted tennis and sand volleyball courts; a fitness facility; Wolff tanning beds; and two children’s playgrounds.
Carroll Organization is planning on some renovations to the property, which will average about $4,000 per units. Some of these renovations include upgrades to the interiors, new appliances and countertops, landscaping and upgrades to common areas.
According to Champion, the rents at Paddock Club will range from $750-$1,000 per month.