Jacksonville, Fla.–Atlanta-based Wood Partners L.L.C. has acquired the 168-unit Magnolia Village Apartments in Jacksonville on a short-sale basis for a reported $14 million, a price that represents a significant discount to replacement cost, according to the buyer. The property, which was completed only in 2008, encompasses six buildings on an 8.44-acre site in the Southside neighborhood of the Florida city.
“We found the near-in Southside area attractive due to its infill nature, which was further enhanced by the adjacent redevelopment of a Publix grocery store that anchors a new neighborhood shopping center–a convenient amenity for our residents,” notes Jay Jacobson, director of national acquisitions for Wood Partners, in a statement. “Our strategy [is] to buy well-constructed, well-located assets in stabilized submarkets that exhibit stabilized cash flow with room for growth.”
The acquisition represents a move into the Jacksonville market, which the company calls “overlooked by some national institutional investors.” Wood Partners already has a Florida presence in West Palm Beach and the Orlando and Tampa markets.
The gated community offers one-, two- and three-bedroom floor plans as large as about 1,500 square feet. Units feature General Electric black appliances, maple-finished cabinets, ceramic tile in the kitchen and foyer, built-in computer desks and high-speed Internet wiring, ceiling fans in the kitchen and master bedroom, and a washer and dryer in each unit. Some units offer screened porches and balconies.
The landscaped grounds include a clubhouse, a swimming pool with sundeck and poolside Wifi access, and an exercise facility with treadmills, stair climber, Nautilus machines and free weights. Lubert-Adler and Carter & Associates are equity partners on the acquisition, which was brokered by Apartment Realty Advisors Inc. Atlanta.