JACKSONVILLE-Elco Landmark Residential has acquired two garden-style multifamily properties in Orange Park for a combined purchase price of $47.5 million.
The adjacent properties known as Landmark at Autumn Cove and Landmark at Vista Grande in the suburb of Jacksonville contain a combined total of 560 units. Collectively, the properties are 95% occupied.
“We are excited to add two well located Florida properties to our growing portfolio of high quality assets,” states Joseph Lubeck, CEO of Elco Landmark Residential. “We continue to prudently deploy capital in core southeast markets where we have considerable expertise and we are confident that over time, these assets will realize attractive returns for our investors.”
Landmark at Autumn Cove, formerly known as Bridgewater at Wells Crossing, contains 288 units and is located at 350 Crossing Blvd. Landmark at Vista Grande, formerly known as Mariners Wharf, contains 272 units and is located at 351 Crossing Boulevard.
Tampa-based Elco Landmark plans to undertake a renovation and repositioning program to improve each property's physical structure and aesthetics. The company is considering a number of potential upgrades including new signage, remodeled clubhouses and units, the addition of a dog park, Wi-Fi café, business center, and picnic areas.
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