Arch Companies has paid $14.1m for a 176-unit apartment complex in Jacksonville, Florida. Built in 1975 in the city’s St. Nicholas neighborhood, Midtown Oaks Apartments features a swimming pool, clubhouse and business center, grilling and picnic areas, on-site laundry, a fitness center and a dog park. The previous owner, InvestRes, was represented by Newmark Knight Frank.
“This was a very straightforward deal for both the buyer and seller,” said John Rutherford, director of Newmark Knight Frank. “Midtown Oaks represents an exceptionally well-maintained property in the increasingly popular St. Nicholas submarket of Jacksonville. Arch Companies will benefit from a value-add rehab program matching the demand of the area.”
