Michaelson Real Estate Group, LLC and a private equity investor acquire Promenade Park Avenue Apartments

Michaelson Real Estate Group, LLC and a private equity investor have acquired Promenade Park Avenue Apartments, a 105-unit multi-housing community in Jacksonville, Florida.  The asset enjoyed 94% occupancy at the time of purchase.

Built in 1974, Promenade Park features a mix of one and two-bedroom apartments in three different floor plans with an average size of 900 square feet.  All apartments feature screened-in patios/balconies, dishwashers and garbage disposals.  On-site amenities include a sparkling pool, sundeck, gazebo and tranquil wooded courtyard.  Located on Park Avenue, Promenade Park is just minutes away from restaurants, shopping, banking and schools.  The property also benefits from its prime location in proximity to Jacksonville Naval Station, Orange Park Medical Center, downtown Jacksonville, Florida State College, and Interstates 10 & 295.

The property is scheduled to undergo $750,000 in capital improvements.  These improvements include refurbished or enhanced units, upgraded flooring and appliance replacement.

Michaelson will manage the property.  Michaelson specializes in enhancing multifamily values through marketing, management and repositioning.  Michaelson has managed more than 30,000 apartment and condominium units throughout the Southeast.
For further information please contact:
Michaelson Real Estate Group
Michael Moses |
mmoses@michaelsongroup.com
904-880-0000