The multifamily real estate investment firm Southeast Property Group has acquired a two-property, 328-unit apartment portfolio in Jacksonville, Florida, for $20.3 million.
The properties were acquired from the Chetrit Group, which originally acquired them as part of an 8,000-unit portfolio, secured by a loan from JP Morgan. Southeast Property Group was presented the distressed opportunity from an off-market brokerage relationship.
The properties, known as Colonial Forest and Northwood Apartments, will be re-branded to The Belmont and Avenue at 1601, respectively. Southeast Property Group has started a $9.7 million renovation program that includes new roofs, exterior paint, re-plumbing, amenity and landscape upgrades and other improvements, including updates to all of the apartment unit interiors.
“We are very excited to have had the opportunity to purchase both assets at below market pricing,” said Southeast Property Group Principal Joe Rubin. “We’re looking forward to improving not just the look of the properties, but the overall community for the immediate area as well as for the City of Jacksonville.”
Photo: Avenue at 1601, Jacksonville, Florida
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