Canterbury Gardens – Sold

Address: 1591 S Lane Ave, Jacksonville, FL 32210

Multifamily Investment

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:

 

  1. The subject property is located within one mile from Interstate 10 in Jacksonville off of Lane Avenue South on the left.
  2. The Improvements made, combined with better marketing and management of the property, have increased rents and raised the quality level of the residents lifestyle
  3. 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.
  4. 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.
  5. More than 60% of the area’s population travel less than 30 minutes to work reflecting proximity to major employment centers.
  6. Sold after 5-year hold at 20 IRR, 2.0 equity multiple.

View All Projects

Address & Contacts:

1591 S Lane Ave, Jacksonville, FL 32210

Oceans Edge - Sold

Oceans Edge - Sold

Built in 1972 and extensively renovated in 2006, 107 unit apartment community, located in Jacksonville, Florida. An upgrade/deferred maintenance program was…