Value-Add Jacksonville Community Sells for $14M
- Sep 27, 2019
Arch Cos. has acquired Midtown Oaks, a 176-unit multifamily property in Jacksonville, Fla. InvestRes sold the asset for $14.1 million. Newmark Knight Frank assisted the seller in the deal, while Meridian Capital Group and Arch Advisors originated the acquisition financing through Arbor Realty’s Fannie Mae Green Rewards Program.
Midtown Oaks is located at 1706 Art Museum Drive in the St. Nicholas neighborhood, near St. Johns River and Empire Point. The 9.4-acre property is close to Interstate 95, with downtown Jacksonville 3.3 miles northwest. San Marco Square, offering various restaurants and shopping options, is 2.2 miles west.
Built in 1975, the value-add community consists of 13 two-story buildings with one- to two-bedroom units, floorplans averaging 832 square feet. Communal amenities include, a swimming pool, clubhouse, business center, fitness center and dog park. According to Yardi Matrix data, the property was 97.7 percent occupied as of August.
Newmark Knight Frank Director John Rutherford represented the seller in the deal and Senior Managing Director Morris Betesh of Meridian Capital Group secured the Fannie Mae loan. Rutherford was also instrumental in the $13.2 million sale of another Jacksonville multifamily community which closed in April.