New York-based real estate investment firm, Quad Property Group, has acquired The Forest apartment complex in Jacksonville’s Westside neighborhood for $4.1 million. Paying $36,300 apiece for the 112 unit apartment community, the property was built in two phases between 1966 and 1970. Located at 6756 103rd St., the property offers a swimming pool, laundry facilities and a total of 145 parking spaces. The purchase was completed with a $3.1 million Freddie Mac loan provided by CBRE Capital Markets. The community is currently managed by ConAm Management.
According to Michael Kashan, a principal at Quad Property Group, the company is actively seeking additional acquisitions in Florida. “We believe that Class B and C apartment complexes, such as this one, offer a great value proposition in today’s market.”
