A partnership between between Electra America, Robbins Property Associates and Spoke Real Estate Capital have acquired The Glades apartments in Jacksonville. Located at 7524 Southside Blvd., the 360 unit property features one and two bedroom floor plans ranging in size from 550 to 1,070 sqf. The Glades will be rebranded to Pointe Parc at St. Johns after a $2.6 million renovation is complete. The property was 97 percent leased at the time of the sale and financed through Berkeley Point Capital. The asset was acquired from Jackson Square Properties for $29.4 million. The purchase marks the fourth property in the Jacksonville area for the partnership and the 28th multifamily property acquisition in the past 12 months.
“The acquisition of Glades Apartments demonstrates our confidence in job and economic growth in Jacksonville and specifically in the Southside submarket,” said Joe Lubeck, CEO of Electra America and a partner at Robbins. “We will immediately implement a full upgrade of all apartments, amenities and services.”
