JACKSONVILLE, FL - Wood Partners, LLC, one of the nation's largest and most active multifamily companies, announced today it has acquired Magnolia Village Apartments, a Class-A multifamily community with 168 units in Jacksonville, Fla. Magnolia Village, constructed in 2008, encompasses six buildings on an 8.44-acre site located in the desirable Southside neighborhood at 1620 Bartram Road. The property was purchased on a short-sale basis at a significant discount to replacement costs.
Source: Wood Partners
"Magnolia Village fits the direct center of our strategy to buy well-constructed, well-located assets in stabilized sub-markets that exhibit stabilized cash flow with room for growth," said Jay Jacobson, director of national acquisitions for Wood Partners. "We found the near-in Southside area attractive due to its infill nature, which was further enhanced by the adjacent re-development of a Publix grocery store that anchors a new neighborhood shopping center - a convenient amenity for our residents."
The gated community offers one- two- and three-bedroom floor plans with up to 1,513 square feet. Units feature designer kitchens with General Electric black appliances, maple-finished cabinets, ceramic tile in the kitchen and foyer, built-in computer desks and high-speed Internet wiring, ceiling fans in the kitchen and master bedroom, and a washer and dryer in each unit. Some units offer screened porches and balconies.
The professionally landscaped grounds include a clubhouse, a resort-style swimming pool with large sundeck and poolside Wi-Fi access, and a full exercise facility with treadmills, stair climber, Nautilus machines and free weights.
"Even though Jacksonville has been overlooked by some national institutional investors, our ability to selectively target such out-of-favor, but high-performing primary markets, gives us an advantage," said Curtis Walker, Wood Partners acquisition officer. "As these markets continue to improve macro-economically and their associated research reflects this, we forecast a significant improvement in asset values relative to our acquisition basis."
Lubert-Adler and Carter & Associates are equity partners on the acquisition, which was brokered by Apartment Realty Advisors of Atlanta.
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. The company has been involved in the development of more than 36,000 homes with a combined value of more than $4.5 billion nationwide.