Northlake apartments

2445 Dunn Avenue, Jacksonville, FL 32218

The Offering

Northlake Apartments, a 240-unit community built in 1989, featuring a unique mix of 1, 2 and 3-bedroom apartments with an average unit size of 860 square feet.

Situated in a scenic lakeside area of Jacksonville, with most apartments enjoying beautiful views of the lake itself, the property consists of 13 two and three-floor residential buildings, as well as a separate clubhouse/leasing office and a pool area. Northlake is only 15 minutes from downtown Jacksonville and within 10 minutes of both the River City Marketplace and JAX Airport, providing residents with much-needed tranquility within cosmopolitan surroundings.

Renovation plans extend to the building exteriors and the interiors of all 240 apartments, in addition to upgrading the common areas. After completion of these renovations, which are nearing the end of the planning phase, the property will feature new amenities like access to waterfront entertainment zones (mere steps away!), an upgraded fitness center, a new courtyard, and a completely revamped clubhouse. Last, but certainly not least, our four-legged friends will have their own recreation area too when construction is complete!

Property Website

Investment Highlights

Well located asset that has been mismanaged to date, with rents below its competitive set
Incredible value-add upside through moderate interior and exterior renovations
Proven ability to push rents through modest improvement programs
High demand/high occupancy, pointing toward climbing rental rate environment
Holding period of 5-7 years

240

Units

icon used to state Sqr fit of the property

206,400

Sqr Ft

1989

Year Built

2022-23

Year Renovated

Property Details

Community Amenities

Swimming Pool and Sun Deck
Poolside BBQ Grilling Area
Playground
Open Parking
Laundry Facility
Courtyard
Gated Entrances
Wi-Fi Café
Parcel Acceptance

Northlake apartments in Jacksonvile - unit model

Unit Amenities

Ceiling Fan with Light
Central Air Conditioning
Cable Ready
Washer/Dryer Connections
Garbage Disposal
Walk-In Closets
Double-Sided Kitchen Sink
Wood-plank Flooring
Newly Updated Interiors

Floor plan A1 -1 bed 1 bath at Northlake apartments

Type	Units	Sqr Ft.
1 bed / 1 bath	56	600
2 bed / 2 bath	64	900
2 bed / 2 bath	96	925
3 bed / 2 bath	64	1,100

Market

Jacksonville Overview

One of the nation’s most resilient and consistently desirable multi-family markets, Jacksonville is the largest and the most populous city in Florida, and the twelfth most populous in the United States. Jacksonville is located in the historic First Coast region of northeast Florida and centered on the banks of the St. Johns River, about 25 miles south of the Florida/Georgia border and approximately 340 miles north of Miami.

Jacksonville has a diverse economic base and is expanding at a rapid pace. In 2020, Bloomberg Wealth listed it as one of the top 10 cities for population growth and Jacksonville has continued to consolidate that position, with an economy balanced among distribution, biomedical technology, finance, information services, manufacturing, and other industries. The city is also a transportation hub, with a deep-water port that ranks alongside New York as one of the nation’s top two vehicle handling ports. The United States Navy is a major contributor to Jacksonville’s economy and workforce, and the four local navy bases employ more than 56,000 and have a combined annual payroll of $1.59 billion. Bloomberg reports that over 19,000 employees of the world’s top Wall Street firms – such as Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo – are located in Jacksonville. Furthermore, Jacksonville is home to one of only three Mayo Clinics in the country. Numerous universities, colleges, and community colleges in the area contribute to a skilled workforce.

The region boasts a lower-than-average commute time, low cost of living (enhanced by the lack of state income taxes), picturesque river, professional sports, year-round sunshine, and beach access – making Jacksonville an outstanding market for real estate investment.