Resource Apartment REIT III Buys Jacksonville Multifamily Property for $28.3 Million
Resource Apartment REIT III, a publicly registered non-traded real estate investment trust, purchased a 220-unit multifamily community in in Jacksonville, Florida for $28.3 million, excluding closing costs, according to a filing with the Securities and Exchange Commission.
Built in 1990, Bay Club Apartments is comprised of a mix of one-, two, and three-bedroom units and is located 12 miles from downtown Jacksonville and 15 miles from the Atlantic Coast beaches. Property amenities include a pool, fitness center, business center, and clubhouse. Bay Club is currently 96 percent leased, and the company said that it intends to make upgrades to the interior units.
“We are excited to acquire a great community in a great city,” said chief executive officer, Alan Feldman. “We like Jacksonville’s solid real estate fundamentals and its growth potential. Bay Club Apartments is a sought-after apartment community in a desirable location.”
Located in Jacksonville’s Southside/Bay Meadows area, the property is close to several major employment centers such as the Deerwood Park Office Campus, Bank of America/Merrill Lynch Campus, and St. Vincent’s Medical Center Southside. The community is situated within 10 minutes of major retail options including the Southside Square Shopping Center, Avenues Mall, and the St. Johns Town Center Mall.
As reported by The DI Wire earlier this month, the company amended its share class structure and began offering Class R and Class I shares of common stock.
Resource Apartment REIT III invests in U.S. multifamily rental properties, as well as loans secured by multifamily rental properties. The company’s $1 billion offering was declared effective in April 2016 and had raised $15.7 million in investor equity as of the first quarter, according to Summit Investment Research. The company owns two multifamily property purchased for $30.8 million.