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