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Southside apartments sold to Connecticut firm for $29M - Jacksonville Business Journal

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Southside apartments sold to Connecticut firm for $29M

A 168-unit multifamily property near HCA Florida Memorial Hospital was sold for $29 million, broker NAI Hallmark announced Tuesday.

The Palms at 2800 Apartments is located a 2800 University Blvd., with the 168 units split between 18 two-story buildings consisting of one- and two-bedroom townhomes. The 8.6-acre property was built in 1971, a press release said. Records show the buyer as Lyfe Jacksonville LLC. The company is registered under Lyfe Properties Group, an apartment acquisition firm based in Waterbury, Connecticut.

NAI Hallmark Senior Vice President John Rutherford and Vice President Luke McCann brokered the transaction on behalf of seller Quad Property Group. “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,” Rutherford said in the release. “The sale further shows the investment market’s demand for well-located assets with continuous rent growth upside.”Michaelson Real Estate Group, LLC

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