CEDAR HILL APARTMENTS
OVERVIEW: Our entrée into Jacksonville was a self-sourced, off-market opportunity of an operationally distressed asset called the Forest Apartments. Coming out of the depths of the pandemic, delinquency was over 30% and ownership was unable to cure requisite deferred maintenance due to depleted funds. A wholesale rebrand ensued which attracted a more dependable tenant base, a more respectful community, and ultimately a better performing asset.
PROPERTY KEY STATISTICS
LOCATION:
West Side of Jacksonville
ACQUIRED:
August 2021
UNIT COUNT:
113 Units
VINTAGE:
1966
TOTAL COST BASIS:
$11.1M ($98k per Unit)
SOLD:
April 2023
SALE PRICE*:
$14.45M ($128k per Unit)
IRR:
42.7%
IMPLIED EQUITY MULTIPLE:
1.8x