New York firm buys its third Jacksonville apartment complex in two years
Quad Property Group paid $10.75M for a 44-year-old apartment complex with 152 units called Ortega Pines, which will be renamed The Palms at Ortega
A New York-based real estate investment firm acquired its third apartment complex in Jacksonville in the last two years.
Quad Property Group of New York City bought a 44-year-old apartment complex in southwest Jacksonville for $10.75 million, or $70,723 per unit.
Quad Property acquired Ortega Pines, a 152-unit apartment complex at 4800 Ortega Farms Boulevard. The new landlord will rename the property The Palms at Ortega. The apartment complex is just west of Naval Air Station Jacksonville.
Built in 1974, the property has one-, two- and three-bedroom apartments ranging in size from 680 square feet to 1,080 square feet. Common-area amenities include a swimming pool and a renovated clubhouse.
Quad Property plans extensive improvements at the apartment complex that will include adding a pet park, sport court and a business center for residents.
Michael Kashan, a principal of Quad Property, said in a prepared statement that the firm is actively seeking additional acquisitions in northeast Florida: “Jacksonville’s economy is firing on all cylinders.” – Mike Seemuth