October 28, 2019
NKF brokered the $24.7-million sale of City Ridge Apartments, a 288-unit multifamily community in Jacksonville. John Rutherford of NKF represented the seller, Opal Holdings, in the transaction. The buyer was Nathan Holdings.
Built in 1972, the property is nearby major downtown and southside employment areas. The community consists of a mix of two- and three-bedroom units.
“City Ridge Apartments offers some of the largest floorplans in Jacksonville that are also situated directly off the major thoroughfare known as the Arlington Expressway,” said Rutherford. “With rents well below market averages, the property is poised for a strong value-add play with substantial rent growth.”
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