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Quad Property Group Acquires Jacksonville MF Property for $16M
Quad Property Group has acquired The Palms at 2800, a 168-unit multifamily community in Jacksonville. The sales price was $16.2 million.
Built in 1971, the community consists of one- and two-bedroom townhome units. Amenities include two pools, a clubhouse and fitness center.
John Rutherford of NKF represented the seller, Carter Multifamily, in the transaction. Additionally, Matthew Williams, Kyle Schlitt and James Maynard of NKF secured an $11.1 million, interest-only Fannie Mae loan for Quad Property Group.
“With well-thought-out capital expenditure already deployed into the property, there is a clear and proven demand for an upscale rental in the given submarket,” said Rutherford. “With direct access to Downtown and brand-new retail construction underway within two blocks, The Palms at 2800 should continue to prove out the submarket demand for continued value-add investment.”
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