Oceans Edge – Sold
Address: 109 25th Ave S, Jacksonville Beach, FL 32250
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:
- The property was purchased for below replacement cost (approximately a 50% discount) and below historical market value (approximately a 62% discount).
- 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.
- 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.
- 100% sold out. Deal resulted in 20 IRR
Address & Contacts:
109 25th Ave S, Jacksonville Beach, FL 32250