PIA Residential Snags Jacksonville Apartment Property for $33M

Miami-based private equity real estate firm PIA Residential and BH Equities have acquired St. John’s Pointe Apartments, a 284-unit rental community in Jacksonville’s Orange Park submarket. The sales price was $33.4 million.

Located at 114 Old Orange Park Road, the garden-style apartment complex is nearby downtown Jacksonville and was built between 1968 and 1974. PIA Residential plans to invest more than $3 million in capital improvements to the units and community amenities.

“We’ve been looking at multifamily properties in Jacksonville for the last two years and are still continuing our search in well-established neighborhoods where there is not a lot of room for new construction that will prevent competition from coming in,” said Saul Levy,  managing partner in charge of acquisitions at PIA Residential.

 

Source:  Connect Media