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.

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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.

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"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."

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Magnolia Village is a gated community offers access to downtownJacksonville and the beaches. The property has one- two- andthree-bedroom floor plans with up to 1,513 square feet. Unitsfeature designer kitchens with General Electric black appliances,maple-finished cabinets, ceramic tile in the kitchen and foyer,built-in computer desks and high-speed Internet wiring, ceilingfans in the kitchen and master bedroom, and a washer and dryer ineach unit. Some units offer screened porches and balconies.

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"Even though Jacksonville has been overlooked by some nationalinstitutional investors, our ability to selectively targetout-of-favor, but high-performing primary markets, gives us anadvantage," says Curtis Walker, Wood Partners' acquisitionofficer. "As these markets continue to improvemacro-economically and their associated research reflects this, weforecast a significant improvement in asset values relative to ouracquisition basis."

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