JACKSONVILLE, FL - Carter Multifamily announced its acquisition of the 262-unit Moncler Landings for approximately $23.2 million. As a result of Carter Multifamily's strategy to transform the property through a series of renovations and upgrades, the community will be rebranded as The Oaks on Monument.
Built in 1975, The Oaks is located at 401 Monument Road in Jacksonville, Florida, and offers affordably priced 1-, 2-, and 3-bedroom apartment units ranging from 450 to 1055 square feet of space. Located seven miles east of Downtown Jacksonville,
The Oaks is situated off of I-295 providing convenient access to some of the area's largest employment hubs, including Jacksonville International Trade Port, a 425-acre business park with employers such as Amazon, Mercedes, General Electric, and DHL. To the south, I-295 provides direct access to the Butler Corridor/Deerwood Parkwhich has over 14.5 million square feet of office space and employers such as Deutsche Bank, Bank of America, and Citibank, as well as Ikea's newly opened 290,000 square foot retail store.
"The Oaks marks our third acquisition in this area of Jacksonville, which we believe has proven to be a strong market with year-over-year rent growth fueled by a flourishing economy and impressive job growth," said Cindy Pfeifer, chief executive officer of Carter Multifamily.
Carter Multifamily intends to reposition The Oaks to be a best-in-class apartment community to serve the area's large concentration of medical, retail, technology and marine science professionals. Renovations will include updates to apartment home interiors and common areas, including the pool, playground and recreational areas. There are also plans to add a fenced-in dog park, sports court, internet café, and added outdoor gathering areas.