JACKSONVILLE, FL – Main Street Residential, a Florida-based multi-family investment group, sold Serotina Lakes Apartments. CBRE represented Main Street Residential for the sale. New York-based Lone Star Capital Group acquired the asset for $ 23.67 million.
This unique multi-family property with 263 residential units was purchased in 2016 and completely renovated by the Main Street Residential Investment Group.
Todd C. Marshall, Residential Partner on Main Street, said, "The Serotina Lakes sale has been a value-added tour for the company and our investor partners. We have conducted our unique renovation and appreciation programs that have enabled us to generate very high returns to achieve." at our exit. "
The property is east of the San Jose Boulevard commercial corridor in the high-demand Mandarin submarket of Jacksonville. It provides convenient access to major work and retail centers in downtown Jacksonville. Since there were no buildable locations in this submarket, this property was an excellent investment.
Amenities include two pools, a fire pit, tennis court, and dog park. All 263 units have a one bedroom floor plan, making this a target market for young professionals.
Source: Main street residential