NAI Hallmark, a locally owned full-service commercial real estate brokerage firm in Jacksonville, has announced the sale of The Park at River City for $7.5 million.
The 104-unit multifamily property is located at 10621 Monaco Drive, Jacksonville. Senior Vice President John Rutherford and Vice President Luke McCann brokered the transaction on behalf of Toro Real Estate Partners, the seller, and Park at River City LLC, the buyer.
“NAI Hallmark is pleased to have represented the seller and buyer in the sale of The Park at River City,” said Rutherford. “This transaction is yet another example of Jacksonville’s resiliency in the current climate, and further illustrates the significant upside potential remaining in the multifamily market compared to other major markets throughout the country.”
The property was built in 1967 and consists of 104 units ranging in size from one to two bedrooms in 13 two-story buildings on 5.59 acres. The property is located in the northside submarket along Interstate 95, just minutes away from Jacksonville International Airport, an Amazon distribution center, JAXPORT and Imeson Park, which is home to several million square feet of logistics and distribution space.
For more information regarding the sale of The Park at River City or any questions relating to multifamily investment assets, contact Rutherford at jr@naihallmark.com.
Established in 1993, NAI Hallmark is currently involved in the leasing and/or management of a portfolio in excess of 6 million square feet of office, industrial and retail properties and is one of the leading investment sales practices in Northeast Florida.
As a member of the NAI Global network, NAI Hallmark is also connected to the largest network of independent commercial real estate firms worldwide. Learn more at naihallmark.com.
