Quad Property Group Sheds The Palms at 2800 Apartments for $29M
The sale shows the investment market’s demand for well-located assets with continuous rent growth upside.
JACKSONVILLE, FL–NAI Hallmark recently revealed the sale of The Palms at 2800 Apartments at a price of $29 million. The 168-unit multifamily property is located at 2800 University Boulevard South in the Southside submarket of Jacksonville, Florida.
Senior Vice President John Rutherford and Vice President Luke McCann brokered the transaction on behalf of Quad Property Group, the seller.
“NAI Hallmark is pleased to have represented the seller and buyer in the transaction of The Palms at 2800. The property is in a premier location within the Southside submarket, central to four of the five major hospital systems, and offers the opportunity to further the proven interior value-add program,” says Rutherford in a prepared statement.
He adds that “The sale further shows the investment market’s demand for well-located assets with continuous rent growth upside.”
According to Jariel Bortnick, a principal at Quad Property Group, “In just three years, we were able to execute our business plan and optimize the Property’s position in the market. We are pleased to capitalize on The Palms at 2800’s strong operating performance and provide a robust return for our equity investor.”
Situated on 8.62 acres, the multifamily asset was built in 1971 and consists of 168 units in 18 two-story buildings comprised of one-bedroom apartments and two-bedroom townhomes. Residents at The Palms at 2800 enjoy amenities such as two swimming pools with cabanas, picnic area with bbq grills, a new fitness center, pet park, hammock park, and recently renovated clubhouse.