Park Place at Riverside

Jacksonville, FL

13

UNITS

1949

YEAR BUILT

0.44

ACRES

6,504

SQUARE FEET

PURCHASE PRICE

Property Tour

Investment Overview

Park Place at Riverside is a 12-unit apartment community, plus a standalone retail space, located in the heart of Jacksonville’s Historic Riverside neighborhood. The property consists of 12 one-bedroom/one-bath units and one 750 sq. ft. retail space amongst three concrete block buildings with recently replaced roofs and washer/dryer in all units. This well-maintained property is stabilized with below market rents and offers an incoming owner the opportunity to capture $400+ in rental upside based on market comparables. The interior, exterior, roof, and all plumbing, electrical, and mechanical systems of retail building were also fully renovated in 2021, now offering a perfect location for the local boutique who has signed a 5-year NNN lease at $30 per square foot with 4% annual rent escalations.

Located just southwest of Downtown Jacksonville, Riverside boasts one of the sharpest increases in Millennial population in the country over the past 5 years due to the neighborhood’s true live, work, play environment. The early 20th century architecture, eclectic retail fronts, and close proximity to the areas top employment centers make it one of the most desirable rental markets in Jacksonville and why the Riverside Historic District was voted as one of the “Top 10 Neighborhoods in the Country.” Park Place at Riverside offers residents walkability to multiple retail districts and city parks as well as easy access to demand drivers such as Ascension St. Vincent’s Riverside Hospital (0.4 miles), Publix (0.9 miles), Cummer Museum of Art & Gardens (1.3 miles), and FIS Global Headquarters (1.7 miles).

Investment Highlights

  • Fully Stabilized with Upside Potential Near $400 per Unit per Month
  • Standalone Retail Building has Recently Undergone Major Improvements and is Leased to a Boutique on a Five-Year Term at $30/sq.ft. with Zero Landlord Responsibilities (NNN)
  • In-Unit Washer/Dryer
  • New Roofs
  • Concrete Block Construction

Location Highlights

  • Jacksonville Named the 5th Hottest Job Market in America by the Wall Street Journal (April 2022)
  • Riverside Voted as one of the “Top 10 Neighborhoods in the Country”
  • Walkable to Parks, Retail, Dining, and Entertainment
  • Close Proximity to Ascension St. Vincent’s Riverside Medical Center (0.3 miles), FIS New Global Headquarters (1.5 miles), Baptist Medical Center (2.3 miles), and Downtown Jacksonville (2.5 Miles)
  • Located 1 Mile from both I-95 & I-10, Providing Convenient Access Throughout the Region

Contact

Brad McCollum
Senior Associate
+1 904 521 6959
brad.mccollum@colliers.com

CONFIDENTIALITY AGREEMENT

THIS CONFIDENTIALITY AGREEMENT (“Agreement”) is made and agreed to by Colliers Florida Multifamily (“Broker”), exclusive listing broker for the Property, and the undersigned Purchaser (“Purchaser”) regarding the Property herein (“Property”). The obligation of confidentiality undertaken pursuant to this Agreement shall survive the terms of the Broker’s listing agreement with the Owner(s). PURCHASER HAS REQUESTED information from Broker for the purpose of evaluating a possible acquisition of the Property. The Owner of the Property has instructed Broker to deliver information concerning the Property, much of which is highly confidential, only to those potential purchasers who sign this Agreement. THE PARTIES AGREE, in consideration of the covenants and agreements contained herein, as follows: 1. Purchaser will not disclose, permit the disclosure of, release, disseminate or transfer; any information obtained hereunder (“Information”) to any other person or entity. 2. If Purchaser is a corporation, partnership, limited liability company or other non-natural legal entity, the person(s) signing this Agreement on its behalf will take all appropriate precautions to limit the dissemination of the Information only to those persons within the entity who have need to know of the information, and who are specifically aware of the Agreement and agree to honor it. 3. This Agreement applies to all Information received from Broker, now or in the future, which is not readily available to the general public. Purchaser understands that all information shall be deemed confidential, valuable and proprietary such that its unauthorized disclosure, even without intent to harm, could cause substantial and irreparable harm to Owner and Broker. 4. All information shall be used for the sole purpose of evaluating the potential acquisition of the Property, and it shall not at any time, or in any manner, be used for any other purpose. 5. Purchaser shall not contact directly any persons concerning the Property, other than Broker, without Broker’s or Owner’s written permission. Such persons include, without limitation, Owner’s employees, suppliers and tenants. 6. Purchaser acknowledges that it is a principal and not an agent on behalf of any other party in conjunction with the purchase of the Property (except Advisors working on behalf of their pension fund clients). Purchaser acknowledges that it is not working with any other broker or agent other than The Babb Group in connection with this transaction. 7. Neither Broker nor Owner makes any representations or warranty, express or implied, as to the accuracy or completeness of any information provided by them. Purchaser assumes full and complete responsibility for reconfirmation and verification of all Information received and expressly waives all rights of recourse against Owner and Broker with respect to the same. 8. The Persons signing on behalf of Purchaser and Broker represent that they have the authority to bind the party for whom they sign. 9. This Agreement shall be governed and construed in accordance with the laws of the State of Florida. 10. No outside broker represents Purchaser. Purchaser is working with Colliers Florida Multifamily, specifically The Babb Group. Furthermore, Purchaser indemnifies Broker and owner against any commission claims by brokers on this listing or any listing by the Babb Group for the six months following the date of this agreement.