Red Bay Apartments, a 288-unit, value-add offering in a high-demand Jacksonville location. Garden-type multi-family housing, primarily a three-story community, for blue-collar families. Less than one mile from shopping, dining, and entertainment. The Property is close to major demand drivers such as the downtown CBD, the Butler Corridor/Deerwood Office Park, Jacksonville University, and the University of North Florida. Built in 1972 and renovated in 2021. Partner investors have the tremendous opportunity to achieve substantial rent gains through moderate interior and community enhancements.
Jacksonville’s city is averaging 20,000 new jobs annually and net in-migration of approximately 30,000 residents per year. Fueled by its strong in-migration, along with state and local government support behind giving residents the ability to GET BACK TO WORK, Jacksonville leads the state in rent growth in 2020. Jacksonville represents a robust local economy in a state that is OPEN FOR BUSINESS. Assets like The Red Bay Apartments are well-positioned to benefit from that growth.