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Quad Property Group Takes $29M for 168-Unit Multifamily in Jacksonville
Quad Property Group has sold The Palms at 2800 Apartments, 168-unit multifamily property is located at 2800 University Boulevard South in the Southside submarket of Jacksonville, FL, for $29 million.
John Rutherford and Luke McCann of NAI Hallmark brokered the transaction on behalf of Quad Property Group, a real estate investment firm that specializes in the ownership, redevelopment and management of multifamily property.
“The property is in a premier location within the Southside submarket, central to four of the five major hospital systems, and offers the opportunity to further the proven interior value-add program,” said Rutherford. “The sale further shows the investment market’s demand for well-located assets with continuous rent growth upside.”
The 1971-constructed asset sits on 8.62 acres and consists of 18 two-story buildings comprised of one-bedroom apartments and two-bedroom townhomes. Amenities include two swimming pools with cabanas, picnic area, new fitness center, pet park, hammock park and recently renovated clubhouse.
- ◦Sale/Acquisition
