JACKSONVILLE, FL-Continuing the trend toward a hotter Floridamultifamily market, Wood Partners has snapped up Magnolia VillageApartments, a class A multifamily complex. Terms of the deal werenot disclosed.

Built in 2008, Magnolia Village offers six buildings with 168units on an 8.44-acre site in Jacksonville's Southside neighborhoodat 1620 Bartram Road. Wood Partners says the property was purchasedon a short sale at a "significant discount to replacement costs."Lubert-Adler and Carter & Associates are equity partners on theacquisition, which was brokered by Apartment Realty Advisors ofAtlanta.

"Magnolia Village fits the direct center of our strategy to buywell-constructed, well-located assets in stabilized sub-marketsthat exhibit stabilized cash flow with room for growth," says JayJacobson, director of national acquisitions for Wood Partners. "Wefound the near-in Southside area attractive due to its infillnature, which was further enhanced by the adjacent re-developmentof a Publix grocery store that anchors a new neighborhood shoppingcenter - a convenient amenity for our residents."