Ansley at Harts Road – Sold
Address: 11011 Harts Rd, Jacksonville, FL 32218
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:
- 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.
- Capital improvements, combined with better marketing and management of the property, are boosting rents and improving resident quality lifestyle.
- 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.
- 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.
- 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.
- Sold after 5-year hold 25 IRR, 2.5 equity multiple
Address & Contacts:
11011 Harts Rd, Jacksonville, FL 32218