Prudent Growth Partners has acquired Liberty Crossing Apartments in Jacksonville, N.C. The $13.3 million transaction was completed as part of a 1031 exchange involving three separate buying entities. PGP sponsored the deal using a Tenancy-in-Common agreement. The deal is PGP’s largest to date.
Liberty Crossing Apartments is located at 200 Carmen Ave. The 1972-built community consists of 79 one-bedroom, 198 two-bedroom and nine three-bedroom units, which range from 758 to 1,151 square feet. Common-area amenities include a six-foot swimming pool, two playgrounds, outdoor barbecue area with picnic tables, fitness center and pet waste stations. According to the property’s website, monthly rent ranges from $550 to $800.
The area surrounding Liberty Crossing features multiple retailers, bars and restaurants, all within walking distance. Several schools are located nearby, such as Northwoods Park Elementary and Middle schools, Jacksonville High School and Coastal Carolina Community College. Gum Branch Road, adjacent to the community, offers access to downtown Jacksonville and state routes 17 and 24.
Following the company’s first multifamily deal in eastern North Carolina earlier this year, and the current one, the company is growing its investor network. PGP pursues a specific recipe for acquisitions, targeting garden-style communities with 100 to 300 units, neighborhood retail centers and office buildings. The firm currently maintains a portfolio of eight multifamily assets in North Carolina.
“We look for properties that are well-managed, well-positioned, and which provide some nice upside for our investors over the long term. All of our transactions are structured to provide solid cash flows each quarter—typically at least an eight percent annualized return—as well as long-term upside through the appreciation of the property,” Tom Hahn, president of Prudent Growth Partners, said in a prepared statement.
Image courtesy of Prudent Growth Partners