Carter Multifamily Increases Jacksonville Footprint

The new owner paid more than $23 million for the 262-unit Class B community and plans to invest in capital improvements to reposition the property.
Moncler Landings

Carter Multifamily has purchased Moncler Landings, a 262-unit Class B community in Jacksonville, Fla., for $23.2 million. The seller, the Michaelson Group, had picked up the asset in early 2014 for $13.5 million, according to Yardi Matrix. The new owner plans to rebrand the property as The Oaks on Monument and invest in a number of capital improvements.

Located at 401 Monument Road in Jacksonville’s Oakwood Villa submarket, the community’s 16 buildings are positioned between the Southside Connector and Interstate 295, within 8 miles of the city center. The roughly 1.4 million-square-foot Regency Square Mall is a short walk south from the property. Two of the city’s public bus routes operate alongside the asset, linking it with the metro area.

The community contains studio, one-, two- and three-bedroom apartments, with unit floorplans ranging between 452 and 1,055 square feet. On-site amenities include two swimming pools, laundry facilities, a clubhouse, a playground, and roughly 500 parking spaces. As of November, the property was 98.1 percent occupied, per Yardi Matrix data.

Following the purchase, Carter Multifamily owns three assets in the Jacksonville metro, totaling 590 units. In October 2018, the firm paid nearly $29 million for its first acquisition in the New Orleans area.

Image courtesy of Yardi Matrix