Source: Resource Residential / #Multifamily #Apartments
JACKSONVILLE, FL - Resource Apartment REIT, a non-traded real estate investment trust sponsored by Resource Real Estate, completed the purchase of Bay Club Apartments.
Built in 1990, the 220-unit community features numerous amenities, including a resort-style pool, a fitness center, a business center, and a clubhouse. Each spacious apartment includes a private garage.
Located in the heart of Jacksonville’s desirable Southside/Bay Meadows area, the community is just 12 miles from downtown Jacksonville and 15 miles from the Atlantic Coast beaches. It is close to several major employment centers such as the Deerwood Park Office Campus, Bank of America/Merrill Lynch Campus, and St. Vincent’s Medical Center Southside. The community is conveniently situated within ten minutes of major retail options including the Southside Square Shopping Center, Avenues Mall, and the St. Johns Town Center Mall.
The REIT’s Chief Executive Officer, Alan Feldman, said that the acquisition represents an exciting opportunity to gain exposure to the vibrant Jacksonville market.
“We are excited to acquire a great community in a great city. We like Jacksonville’s solid real estate fundamentals and its growth potential. Bay Club Apartments is a sought-after apartment community in a desirable location.”
Jacksonville is the largest city in Florida and has a diverse economy and an attractive quality of life. In the last two years, the Jacksonville area has created almost 40,000 new jobs and, in March 2017, Moody’s Economy.com ranked it in the top quarter of all domestic urban areas for economic diversity.