Red Bay Apartments

7528 Arlington Expy, Jacksonville, FL

Closed investments

The Offering

red bay apartments jacksonville rent studio pet friendly - drone view

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.

Investment Highlights

  • Incredible value-add upside through strategic renovations
  • Rental rates below competitors- offering significant room to run
  • Proven ability to push rents through modest improvement programs
  • High demand/high occupancy pointing toward climbing rental rate
 environment
  • Great opportunity to further upgrade the amenity package
  • Opportunity to add washer/dryer in select units
  • Proximate to top retailers like Target, Home Depot, Lowes, Starbucks,
 Walmart Supercenter and AMC Cinemas
  • Convenient access to job hubs in Downtown Jacksonville, Butler
 Corridor, Jaxport, and Mayport Naval Station

288

Units

341,376

Sqr Ft

1972

Year Built

2021

Year Renovated

Property Details

Community Amenities
• GYM
• Swimming Pool
• Playground
• Clubhouse
• Barbecue and picnic area
• On-site laundry facility
• Gated Access

Unit Amenities
• Newley Renovated Units
• Air conditioning
• Dishwasher*
• Walk-in closet(s)*
• Fully Equipped Kitchens
• Ceramic Tiled Kitchens and Foyer*
• Additional storage
available
*In select units

Type Units Sqr Ft.
1×1 72 884
2×2 177 1230
3×2 39 1538

Market

Jacksonville Overview

One of the nation’s most resilient and desirable multi-family markets. Jacksonville is the largest and the most populous city in Florida and the thirteenth most populous in the United States. Jacksonville is located in the Coast region of northeast Florida. It is 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. Bloomberg Wealth recently listed Jacksonville, Florida, as one of the top 10 cities for population growth in 2020. The city economy is balanced among distribution, biomedical technology, finance, information services, manufacturing, and other industries. The city is a transportation hub, with a deep-water port that ranks with New York as the nation’s top two vehicle handling ports. The United States Navy is a major contributor to Jacksonville’s economy and workforce. The area’s four 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, JP Morgan Chase, and Wells Fargo – have a presence in Jacksonville. Jacksonville is also 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, lack of state income taxes, picturesque river, professional sports year-round sunshine, and beach access – making Jacksonville an outstanding real estate investment market.

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