NAI Hallmark has announced the sale of Magnolia Point Apartments at a price of $37.65 million. The 227-unit multifamily property is located at 7507 Beach Blvd. in the Southside submarket of Jacksonville. Senior Vice President John Rutherford and Vice President Luke McCann brokered the transaction on behalf of Simplicity Capital, the Seller and Fincapital Investments, the buyer.
“NAI Hallmark is pleased to have represented the seller and buyer in the transaction of Magnolia Point Apartments. The sale represents continued demand for value-add opportunities in Jacksonville due its strong market fundamentals.” said Rutherford.
Situated on 15.36 acres, the multifamily asset was built in 1973 and consists of 227 units in 30 two-story buildings comprised of one-, two- and three-bedroom apartments. Residents at Magnolia Point enjoy amenities such as a swimming pool, playground, sports court and on-site clothes care facility.
For more information regarding the sale of Magnolia Point Apartments or any questions relating to multifamily investment assets, contact Rutherford at jr@naihallmark.com.
