Canterbury Gardens – Sold
Address: 1591 S Lane Ave, Jacksonville, FL 32210
Built in 1967-1973. a 693 unit apartment community, located in Jacksonville, Florida. Several million in capital improvements have been committed, consisting of interior upgrades to 40% of the units, carpet/paint/tile upgrades to the remaining 60% of the units, and re-roofing/re-painting the exterior of the property.
Some of the salient points on the deal were:
- The subject property is located within one mile from Interstate 10 in Jacksonville off of Lane Avenue South on the left.
- The Improvements made, combined with better marketing and management of the property, have increased rents and raised the quality level of the residents lifestyle
- The median owner-occupied housing value in the area is above average at nearly $130,000 and the average household income is greater than $40,000.
- 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.
- More than 60% of the area’s population travel less than 30 minutes to work reflecting proximity to major employment centers.
- Sold after 5-year hold at 20 IRR, 2.0 equity multiple.
Address & Contacts:
1591 S Lane Ave, Jacksonville, FL 32210