ATLANTA, April 11, 2016 /PRNewswire/ -- JMG Realty, Inc. today announced the acquisition of Florida Club at Deerwood Apartments; a 180-unit apartment community located in Deerwood Park of one of Jacksonville, Florida's most desirable sub markets through a joint venture partnership.
Built in 2008, the property was originally developed as for sale condominiums with exceptional community and apartment home amenities including a resort-style swimming pool, pergola with outdoor gas grill, spacious detached garages, multimedia room with theatre-style seating, fully-equipped fitness center, an idyllic central park with shaded walking paths, picnic areas and a dog park. All homes were originally designed with nine foot ceilings, black appliances, ceramic tile flooring, custom cabinetry, walk-in closets, contemporary lighting fixtures and private patios and balconies.
The unit interiors of Florida Club at Deerwood offer strong core features, which will be further enhanced through an interior renovation program to elevate the Property's position in the submarket. The addition of cutting edge finishes such as granite countertops, stainless steel appliances, tile backsplashes and wood flooring will allow the property to directly compete with newer product in the surrounding market area. Exteriors of the buildings and the common areas have also been upgraded.
Located in one of the most sought after neighborhoods in the Jacksonville area, Deerwood Park, residents enjoy a multitude of shopping, dining, and recreation options just outside their door. Florida Club at Deerwood is less than three miles from the vibrant St. Johns Town Center and The Markets at Town Center, which together offer 1.7 million square feet and over 180 stores and restaurants.
Adding to the desirability of its location, the property is in the heart of the Southside office market, Jacksonville's largest suburban employment hub. With over 72,000 employees, Deerwood Park's employment base is more than double the size of the metro's second largest suburban employment hub. Spread proportionately amongst thirteen separate business sectors, the submarket's strong economic foundation is further cemented through a diverse set of employers including four Fortune 500 and four Fortune 1000 companies. Residents are also within an easy 25-minute commute to downtown Jacksonville, Jacksonville NAS, Mayport Naval Station, Jacksonville International Airport and the beautiful Atlantic beaches.
ABOUT JMG REALTY, INC.
JMG is a fully disciplined real estate investment firm headquartered in Atlanta, GA. The firm provides redevelopment, financial, investment and management services for multifamily real estate, including conventional and student housing, for both private and institutional owners. The firm currently manages over 2.4 billion in assets and 25,000 units nationwide.
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SOURCE JMG Realty, Inc.