Arbor Place ApartmentHomes

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JACKSONVILLE, FL—ROI Capital Group has purchased Arbor PlaceApartment Homes, a 206-unit multifamily property here from anundisclosed seller. Cushman & Wakefield arranged the sale ofthe property in the fast-growing Southside submarket and the assetpresents a significant value-add opportunity for the new-to-marketbuyer.

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Arbor Place, at 5800 Barnes Road S., is a two-story,garden-style community with a mix of one- and two-bedroom units.The average unit size is 850 square feet, and the average marketrent is $768. The property was 95% occupied at the time ofsale.

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"There has been significant interest in the Jacksonville marketas a result of its strong job, rent and population growth that hasoutpaced national averages," Cushman & Wakefield ExecutiveManaging Director Mike Donaldson tells GlobeSt.com. "Jacksonvillecontinues to have an abundance of value-add opportunities coming onmarket, which has put the metro on the top of many buyer's targetlists right now and should lead to a high velocity year of salesfor the area."

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The community was built in 1970, and previous ownership recentlyrenovated 54 of the units (approximately 26%) with black kitchenappliances, resurfaced countertops and wood-style vinyl flooring.Community amenities include two swimming pools with sundecks aswell as a dog park, playground, covered firepit and outdoor fitnessarea.

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"Arbor Place presents a tremendous value-add opportunity throughthe ability to raise rents by almost $300 through the completion ofa comprehensive renovation program," said Donaldson. "The buyer,who is new to the Jacksonville market, was drawn to the high rentand employment growth taking place in the area and saw a greatopportunity to capitalize on a largely unrenovated property closeto Interstate 95 and within minutes of major employment and Class Aretail."

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