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Multifamily Asset Trades in East Jacksonville

Michaelson Group Real Estate acquired the Huntington at Hidden Hills in Jacksonville, FL from a joint venture for $12.5 million,

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Michaelson Group Real Estate acquired the Huntington at Hidden Hills in Jacksonville, FL from a joint venture for $12.5 million, or about $56,000 per unit.

The 224-unit multifamily property delivered in 1986 at 3333 Monument Rd. in the Arlington submarket of East Jacksonville. The complex was 96 percent occupied at the time of sale.

The selling entity is a partnership consisting of San Francisco-based McDowell Properties and GA-based AREA Properties Partners. The venture made a bulk purchase composed of predominantly Texas-based multifamily assets for $129 million in 2011. Since the initial acquisition, four of the original 17 properties purchased in that portfolio have been sold off, according to CoStar information.

Matt Wilcox, Kevin Judd, and Patrick Dufour of the ARA Central and North Florida-based sales team negotiated on behalf of the sellers.

“Huntington at Hidden Hills is a prime example of the rebound in the Jacksonville Multi-Family sector. The asset was last purchased from a distressed situation in 2011. The seller turned and stabilized the tenant base and infused necessary deferred capital. The buyer will continue the work with value-add upgrades to the property amenities and unit interiors bringing the performance in-line with the stabilized comp set,” commented Matt Wilcox.

“Jacksonville continued its upward trend in occupancy rates through 2012, and as of 4Q 2012, occupancy was recorded at 92.7%, representing a full 2% improvement year-over-year and a drastic 3.7% increase over two years,” added Wilcox.

Please see CoStar Comp #2814909 for additional information on the transaction.
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