Quad Property Group Sells Jacksonville Community
- Nov 26, 2018
Hyperion Endeavors and Think Multifamily have acquired The Forest Apartments, a 113-unit asset in Jacksonville, Fla., for $7.3 million from Quad Property Group, according to Yardi Matrix. ARA Newmark represented the seller in the transaction.
Arbor Realty Trust provided the buyer with $5.6 million in Freddie Mac acquisition financing. The loan matures in December 2028.
Located at 6756 103rd St. in Jacksonville’s Cedar Hills submarket, the community is positioned within a mile of Interstate 295, 12 miles from the city’s downtown. A Walmart-anchored shopping center is adjacent to the asset, and two city bus routes operate in the nearby area.
The community’s four two-story buildings contains a mix of one-, two- and three-bedroom apartments, with floorplans of 700 to 1,100 square feet. Amenities include a swimming pool, a laundry facility and approximately 145 parking spaces. As of October, the property was 97.3 percent occupied, per Yardi Matrix data.
Less than 3 miles to the east, Quad Property Group purchased a 152-unit Class C community in August for $10.8 million.
Image courtesy of Yardi Matrix