 |
| Rendering of Huntington at Hidden Hills, East Jacksonville, FL |
Jacksonville, FL — The Jacksonville office of
Atlanta-headquartered ARA, the largest privately held, full-service investment
advisory brokerage firm in the nation focusing exclusively on the multihousing
industry, recently brokered the sale of 224-unit Huntington at Hidden Hills
in the desirable East Jacksonville, FL, submarket.
 |
| Matt Wilcox |
The ARA Central and North Florida-based sales team, led by
Senior Vice President, Matt Wilcox and Principals Kevin Judd and Patrick
Dufour represented San Francisco, CA-based McDowell Properties and GA-based
AREA Properties Partners in the $12,500,000 sale.
Jacksonville, FL-based Michaelson Group purchased the asset,
which was 96% occupied at the time of sale.
 |
| Kevin Judd |
Michaelson Real Estate Group targets multi-family assets
with value-add potential in order to enhance values by utilizing its core
marketing, management and repositioning capabilities.
“Huntington at Hidden Hills is a prime example of the
rebound in the Jacksonville Multi-Family sector.
“The asset was last purchased from a distressed situation in
2011. The seller turned and stabilized the tenant base and infused necessary
deferred capital.
 |
| Patrick Dufour |
“The buyer will continue the work with value-add upgrades to
the property amenities and unit interiors bringing the performance in-line with
the stabilized comp set,” commented Matt Wilcox.
Built in 1986, Huntington at Hidden Hills Apartment Homes benefits
from an excellent location with superb visibility along Monument Road, with an
average daily traffic count of 26,000.
The property enjoys convenient accessibility to I-295 and
the Arlington Expressway, both located just minutes west, providing a quick
route to downtown and “beltway” access to the greater Jacksonville area.
“Jacksonville continued its upward trend in occupancy rates
through 2012, and as of 4Q 2012, occupancy was recorded at 92.7%, representing
a full 2% improvement year-over-year and a drastic 3.7% increase over two
years,” added Wilcox.
For a complete copy of the company’s news release, please
contact:
Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or
Amy Morris at amorris@ARAusa.com,
678.553.9366;
locally, Marti Zenor
at mzenor@ARAusa.com or 561.988.8800.
No comments:
Post a Comment