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Infinity Enters Jacksonville with $27.9 Million Purchase of Three-Property MF Portfolio

593-Unit Portfolio Includes Reserve at Water's Inlet, Magnolia I & II
October 26, 2017
Infinity Acquisitions secured its first investment in Jacksonville with the acquisition of three multifamily communities from Coral Gables, FL-based Nova Eagle for $27.87 million, or approximately $47,000 per unit.

The 593-unit portfolio includes the 205-unit Reserve at Water's Inlet at 6100 Arlington Expy. Completed in 1970, the Reserve is comprised of one- and two-bedroom floorplans located in 20 garden-style buildings. On-site amenities include laundry facilities, a fitness center, business center and a pool.

The sale also included Magnolia I and II, a pair of garden-style communities constructed down the street from one another along Jammes Rd. in southwest Jacksonville's Cedar Hills Estates Multifamily submarket.

Located at 2045 Jammes Rd., Magnolia I is a 276-unit complex comprised of one - three-bedroom apartments. The community was constructed in 1965 and features barbeque/picnic areas, a clubhouse, on-site laundry facility and swimming pool.

Magnolia II delivered in 1973 at 2401 Jammes Rd., and offers one- and two-bedroom units in addition to laundry facilities, a pool and a playground.

The investment gives Infinity Acquisitions a foothold in the rapidly expanding Jacksonville market, where apartment occupancy currently hovers around 95%.

Tal Frydman, Greg Rainey and Cole Whitaker of Berkadia represented Nova Eagle in the disposition.

Please see CoStar COMP #4040081 for more information on this transaction
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