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Florida & Gulf Coast  + North Florida  + Apartments  | 

New York Investor Sells Jacksonville Apartment Asset

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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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition