JACKSONVILLE, FL (September 20, 2016) – Electra America, a private owner-operator focused on multifamily investments, along with its partner American Landmark Apartments and Spoke Real Estate Capital, have acquired The Glades, a 360-unit apartment complex in Jacksonville, Fla. The property was acquired from Jackson Square Properties and was financed through Berkeley Point Capital LLC. It will be rebranded as Pointe Parc at St. Johns following an extensive $2.6 million renovation program.
This is the 28th multifamily property American Landmark Apartments has acquired over the past 12 months.
"The acquisition of Glades Apartments demonstrates our confidence in job and economic growth in Jacksonville and specifically in the Southside submarket,” said Joe Lubeck, CEO of American Landmark Apartments. “We will immediately implement a full upgrade of all apartments, amenities, and services, and the property will be renamed Pointe Parc at St. Johns."
Earlier this year, the U.S. Census Bureau released data showing that Jacksonville was the 12th fastest-growing city in the nation.
Located at 7524 Southside Blvd., The Glades is composed of one- and two-bedroom units ranging in size from 550 to 1,070 square feet, with monthly rents between $762 and $1069. The property is currently 97% occupied.
American landmark Apartments plans to carry out a $2.6 million value-add initiative aimed at upgrades to the community’s interior units, clubhouse, fitness center, as well as amenity upgrades.
This acquisition brings the American Landmark Apartments current portfolio to 62 properties totaling approximately 20,000 units valued at $2 billion.