JACKSONVILLE, FL., – September 3, 2021 – NAI Hallmark, a leading commercial real estate brokerage and property management firm in Jacksonville, announces the sale of Grassy Pond Apartments for $7,400,000. The property is located at 5641 California Avenue, Jacksonville, FL 32244. Senior Vice President John Rutherford, along with Associate Vaughn Goebel, brokered the transaction on behalf of the seller- a single proprietor owning several multifamily properties in the Jacksonville area and the buyer- JTA Real Properties, a real-estate investing group continuing to acquire value-add opportunities throughout Jacksonville.
The 88-unit multifamily asset was built in 1986 in the Westside submarket of Jacksonville. The property is centrally located within close proximity of the I-295 Interchange at 103rd street, along with a short commute to the ever-growing Cecil Commerce Center. The property is comprised of sizeable one- and two-bedroom floorplans housed in two-story buildings situated on almost four acres.
“Grassy Pond Apartments is an amazing value-add opportunity in the Westside submarket of Jacksonville with strong employment drivers nearby, such as the Cecil Commerce Center. North Florida continues to experience strong population and job growth which should fuel further renter demand for well-located properties such as this,” said Senior Vice President John Rutherford of NAI Hallmark.
For more information regarding the sale of Grassy Pond Apartments or any questions relating to multifamily investment assets, please contact John Rutherford at jr@naihallmark.com
