April 1, 2020 Comments Off on New York Investor Sells Jacksonville Apartment Asset Views: 470 Florida News, North Florida

New York Investor Sells Jacksonville Apartment Asset

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New York-based Quad Property Group divested Promenade Park Avenue, a 105-unit, garden-style multifamily property in Jacksonville’s Orange Park community for $10.55 million. The seller had acquired the property for $6.74 million in December 2017.

Promenade Park Avenue was built in 1974 and features a mix of renovated and non-renovated units, a swimming pool, and in-unit washer dryer connections in all two-bedroom units. Located at 606 Park Ave., the property affords convenient access to I-295 with frontage on Park Avenue, and is near Orange Park Medical Center and NAS Jacksonville.

Berkadia’s Cole Whitaker and Greg Rainey arranged the sale and financing.

Rainey says, “Promenade Park Avenue presents this buyer with an opportunity to continue an already proven value-add strategy, while capitalizing on its solid location.”

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