NAI Hallmark announces the sale of Lakewood Oaks Apartments for $17,850,000. The property is located at 3534 Smithfield Street, Jacksonville, Florida 32217. Senior Vice President John Rutherford brokered the transaction on behalf of the seller, Jax San Jose Apts LP, to buyer, Fincapital Investments LLC.
The 138-unit multifamily asset was built in 1974 in the San Jose/ Mandarin submarket of Jacksonville. Lakewood Oaks is located near the intersection of St Augustine Road and University Boulevard West and is 1-mile west of the I-295 interchange. The Property is comprised of sizeable floorplans ranging from one- to four-bedrooms housed in two-story buildings situated on almost nine acres.
“We’re very pleased to have brokered the sale of Lakewood Oaks on behalf of the Seller and Buyer. This sale sets a pricing record for 1970’s product type in the immediate area which was largely driven by tremendous upside remaining in the deal. Lakewood Oaks will benefit from further renovations by the Buyer in addition to overall submarket appreciation which saw 21% rent growth over the last year,” said Senior Vice President John Rutherford of NAI Hallmark.
For more information regarding the sale of Lakewood Oaks Apartments or any questions relating to multifamily investment assets, please contact John Rutherford at jr@naihallmark.com
