Fincapital Investments Pays $38M for Jacksonville Asset
The seller acquired the property in 2017 for $14.4 million.
Fincapital Investments has acquired Magnolia Point Apartments, a 227-unit multifamily community in Jacksonville Fla., for $37.7 million. The seller was Simplicity Capital, which acquired the asset in 2017 for $14.4 million, according to Yardi Matrix data. NAI Hallmark brokered the deal representing both parties.
Built in 1973, the property incorporates 30 two-story buildings which offer one-, two- and three-bedroom floorplans ranging from 400 to 1,300 square feet. Common-area amenities encompass a swimming pool, a clubhouse, a basketball court, a playground, laundry facilities, as well as 480 parking spaces and a stand-alone rental office.
Located at 7507 Beach Blvd., the 15.4-acre site is 6 miles from downtown Jacksonville and roughly 2 miles from the HCA Florida Memorial Hospital. Within a 2-mile radius of the property, there are also six parks. Situated off Highway 90, residents have access to large employers in the area, such as Fidelity National Financial and the Jacksonville Naval Air Station.
The NAI Hallmark team facilitating the deal was led by Senior Vice President John Rutherford and Vice President Luke McCann. In a prepared statement, Rutherford credited the demand for value-add opportunities in the area to the metro’s strong market fundamentals. Despite a slowdown toward the end of the year, the Jacksonville multifamily market remained solid throughout 2022.