Oceans Edge – Sold

Address: 109 25th Ave S, Jacksonville Beach, FL 32250

Multifamily Investment

Built in 1972 and extensively renovated in 2006, 107 unit apartment community, located in Jacksonville, Florida. An upgrade/deferred maintenance program was initiated as units were sold upgrading all units at an estimated cost of $2,500/unit which would be in addition to an initial capital improvement program at an estimated cost of $1,500/unit.

 

Some of the salient points on the deal were:

 

  1. The property was purchased for below replacement cost (approximately a 50% discount) and below historical market value (approximately a 62% discount).
  2. The intent of the Ownership Entity was to lease-up many of the remaining condominium units and implement a sales and financing program to facilitate the sale of all 107 units as soon as possible, which is projected to take 37 months following the closing.
  3. The location is very convenient to employment, excellent visibility, half a block to the ocean and one block to Starbucks, Panera, Roy’s, Bonefish Grill and other restaurants and high quality retail.
  4. 100% sold out. Deal resulted in 20 IRR

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Address & Contacts:

109 25th Ave S, Jacksonville Beach, FL 32250

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