JACKSONVILLE, FL., – February 6th, 2022 – NAI Hallmark announces the sale of River City Landing Apartments at a price of $30,880,000. The 320-unit multifamily property is located at 2681 University Boulevard North in the University Park submarket of Jacksonville, Florida. Senior Vice President John Rutherford, Vice President Luke McCann, and Associate Andrew Tyrrell brokered the transaction on behalf of Toro Real Estate Partners, the Seller and Koda Capital, the Buyer.
“NAI Hallmark is pleased to have represented the Seller and Buyer in the transaction of River City Landing Apartments. The sale represents an outstanding opportunity for a value-add renovation within the gentrifying Arlington submarket of Jacksonville. The demand for value-add opportunities such as this one continues in Jacksonville due to the market’s consistent and strong fundamentals.” said Rutherford.
Situated on 23.81 acres directly across from Jacksonville University, the multifamily asset was built in 1968 and consists of 320 units in 9 two-story buildings comprised of one, two and three-bedroom apartments. Residents at River City Landing enjoy amenities such as two swimming pools, playground, sports court, pet park, BBQ pavilions, five clothes-care centers and a two-story clubhouse, all overlooking a four-acre lake.
For more information regarding the sale of River City Landing Apartments or any questions relating to multifamily investment assets, please contact John Rutherford at jr@naihallmark.com.
