New Jersey-based Lexerd Capital Management has purchased the San Marco Village apartments in Jacksonville for $8 million. The 106 unit, two-story apartment community consists of 16 apartment buildings at 2166 Dunsford Terrace. The apartment complex was built in 1973 and last sold in June of 2012 for $3.7 million. San Marco is positioned near the Jacksonville CBD, is home to some of the city’s largest employers such as Bank of America, Baptist Health, CSX, Everbank, Fidelity National, and Wells Fargo.
“We are very pleased to announce the acquisition of San Marco. With its current high occupancy rate and a robust outlook for the apartment market in Jacksonville, we believe this acquisition is an excellent opportunity to increase our presence in one of our target markets. The high quality improvements to these units, the favorable job growth, population growth and rental growth that we are seeing in the Jacksonville MSA, make this a strong addition to our growing portfolio,” said Lexerd CEO Albert Lord III.
