JACKSONVILLE, FL., – February 24, 2022 – NAI Hallmark announces the sale of Palms of Arlington Apartments for $2,430,000. The property is located at 5548 Playa Way, Jacksonville, FL 32211. Vice President Luke McCann brokered the transaction on behalf of the Seller, a private investor.
“NAI Hallmark is pleased to have represented the Seller and Buyer in the sale of Palms of Arlington Apartments,” said Vice President Luke McCann of NAI Hallmark. “This well-located asset has undergone a complete exterior renovation. The majority of the interiors have also been renovated, presenting a tremendous opportunity for new ownership to finish the remaining renovations and stabilize rents in a submarket that saw explosive rent growth of almost 20% in 2021.”
The multifamily asset was built in 1960 and consists of twenty-seven one-bedroom, one-bath units situated on 0.66 acres. The property is adjacent to the new $25 million Town & County Plaza redevelopment, now named College Park, the Arlington Expressway, and is ideally located between Jacksonville University and Downtown Jacksonville. For more information regarding the sale of Palms of Arlington Apartments or any questions relating to multifamily investment assets, please contact Luke McCann at lmm@naihallmark.com
