JACKSONVILLE, FL., – April 7, 2023 – NAI Hallmark announces the sale of Cedar Hill Apartments for $14,450,000. The 113-unit multifamily property is located at 6756 103rd Street and 5435 Norde Drive in Jacksonville, Florida. Senior Vice President John Rutherford and Vice President Luke McCann, brokered the transaction on behalf a joint venture partnership between Westmount Square Capital & Miramar Capital, the Seller.
“NAI Hallmark is pleased to have represented Westmount Square Capital & Miramar Capital in the sale of Cedar Hill Apartments,” said Senior Vice President John Rutherford of NAI Hallmark.” This sale is an example of the continued flight of investors to Southeast markets such as Jacksonville, Florida that offer the opportunity for stable occupancy and consistent rent growth.”
The multifamily asset was built in 1966 and recently underwent significant capital improvements including new roofs and interior unit upgrades not limited to: new flooring, cabinets, stainless steel appliances, countertops & bathrooms. The property consists of 113 multifamily units ranging in size from studios to three-bedrooms in eight buildings on 5.35 acres. The property is located in the Westside submarket of Jacksonville along I-295, a major Jacksonville interstate, just minutes away from an Amazon distribution center, a Walmart Supercenter, a 2MM SF Wayfair Distribution Center and the Cecil Commerce Center, home to 34MM SF of the most sought-after logistics and distribution space in the city.
For more information regarding the sale of Cedar Hill Apartments or any questions relating to multifamily investment assets, please contact John Rutherford at jr@naihallmark.com
