Private Investor Acquires Highlander Apartments for $22k/u – CoStar Group

Private Investor Acquires Highlander Apartments for $2.3M – CoStar Group.

“A private investor acquired the Highlander Apts. in Jacksonville from Wells Fargo Bank in an REO sale for $2.3 million, or about $22,115 per unit.
The Highlander Apts. are located at 10621 Monaco Dr. and contain 56 one-bedroom units and 48 two-bedroom units. The rents range from $499-$650 per month.
“The Highlander provided an investor with an opportunity to acquire a distressed apartment community in the submarket of North Jacksonville, Florida for a fraction of the replacement cost and with a significant value-add component. The property was half vacant and needed approximately $600,000 to complete,” says Tal Frydman ”

About Ernie Saltmarsh

Ernie works for Colliers International in the Northeast Florida Investment Services Group. The team includes Robert Selton, Scott Rogers, Ernie Saltmarsh and Adrienne Miller. Ernie works with buyers who are looking to invest in commercial real estate and sellers who are looking to dispose of investment assets. Ernie's background in research, marketing and finance provide the vital skills necessary to serve his clients.

Posted on March 27, 2014, in Multifamily, Transactions and tagged , , , . Bookmark the permalink. Leave a comment.

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