Westside Capital Buys Jacksonville Property

The 176-unit multifamily asset changed hands for $13.2 million, which is more than 50 percent higher than the seller’s acquisition cost in 2014.
Creekwood Club

Westside Capital Group has acquired the Creekwood Apartment Homes, a 176-unit Class B community in Jacksonville, Fla., for $13.2 million. The seller, a private investor, had purchased the multifamily asset in late 2014 from Ruffner Mountain Management for $8.4 million, according to Yardi Matrix.

ARA Newmark Knight Frank’s John Rutherford represented the seller in the transaction. The new owner has plans to renovate the property’s common areas and update some of the apartments, rebranding the asset as Creekwood Club.

Located at 8343 Hogan Road in Jacksonville’s Pineland Gardens submarket, the asset’s 22 two-story buildings are approximately 6 miles southeast of the city center. A stone’s throw from the Beach Boulevard retail corridor, the property is also 3 miles from Interstate 95 and a short walk from a public bus route.

The community, originally constructed in 1975, contains studio, one-, two- and three-bedroom apartments, with floorplans between 422 and 1,337 square feet. The list of amenities includes a swimming pool, a clubhouse, a tennis court, and more than 400 parking spaces. As of December 2018, the asset was 97.1 percent occupied, according to Yardi Matrix data.

Less than 2 miles south, a 130-unit luxury community commanded $20 million in November. The seller, Kite Realty, had opened the building in late 2017.

Image courtesy of ARA Newmark Knight Frank