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Florida & Gulf Coast  + Apartments  |  October 28, 2019
David Cohen
By: David Cohen

NKF Brokers $25M Sale of Jacksonville MF Community

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.”

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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