Ansley at Harts Road – Sold

Address: 11011 Harts Rd, Jacksonville, FL 32218

Multifamily Investment

Built in 1998 with an 2008 $2mm upgrade, this 225 unit apartment community is located in Jacksonville, Florida. We spent $640,000 in capital improvements consisting of 77% interior upgrades and 23% exterior upgrades.

 

Some of the salient points on the deal are:

 

  1. Ansley at Harts Road Apartments is located in an infill location with a population base of nearly 250,000 residents within a 5-mile radius.
  2. Capital improvements, combined with better marketing and management of the property, are boosting rents and improving resident quality lifestyle.
  3. The area developed quickly from 1990-2000, growing by nearly 18% in ten years, but is now virtually built-out as evidence by its recent population growth of only 5% over the last 8 years.
  4. The median owner-occupied housing value in the area is above average at nearly $140,000 and the average household income is greater than $50,000.
  5. Nearly two-thirds of the area’s population has at least some college experience and white collar employment represents almost 70% of the local employment base.
  6. Sold after 5-year hold 25 IRR, 2.5 equity multiple

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Address & Contacts:

11011 Harts Rd, Jacksonville, FL 32218

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