Navarino, Mayfair Acquire Seaside Apartments and Hire ResProp Management for Property Management in Jacksonville, Fla.
27 Mar, 2019, 12:58 ET
JACKSONVILLE, Fla., March 27, 2019 /PRNewswire/ -- Navarino Property Group and Mayfair Investment Partners have acquired Seaside Apartments, a 100-unit multifamily property with spacious units located one mile from the beach in Jacksonville's Beaches submarket. ResProp Management was selected to provide full-service property and construction management.
Seaside is a garden-style apartment community featuring 1, 2, 3 and 4 bedroom apartments. The two-story surface-parked property has units averaging close to 1000 Square Feet. The property has on-site amenities that include a swimming pool, playground, dog park, picnic area, and on-site laundry facilities. Its superb location and close proximity to Mayport Road and Atlantic Blvd, make the property a convenient location to top employers and entertainment.
Clint Miller, Director of Business Development for InvestRes (parent company of ResProp) states, "We look forward to working with Navarino and Mayfair on their newest acquisition in Florida. Seeing the transformation of the property and taking it to the next level will be an amazing process to be part of."
With the recent addition of Seaside Apartments into the portfolio, ResProp Management now manages more than 8,000 units across Florida. This latest addition was made possible through the partnership with Navarino Capital Management LLC.
About ResProp Management: Since 2010, Resprop has managed over 17,000 apartment homes throughout Florida,Texas, Arizona, and Colorado. ResProp will continue to relentlessly pursue our aim to be the premier service to property owners of residential real estate in target markets into 2019. ResProp is a vertically integrated company, handling acquisitions, property management, construction management, and portfolio management in-house.
About Navarino Property Group: Navarino, founded in 2009, is the investment partnership arm of a 2nd generation Connecticut multifamily owner/operator with over 35 years of combined multifamily experience. Navarino's principals have owned over 2,000 units in more than 40 properties. While managing the portfolio and disposing of select assets during the last cycle, Navarino is currently redeploying capital and acquiring multifamily properties in Connecticut, Rhode Island, and Florida.
About Mayfair Investment Partners: Founded in 2013, Mayfair is a real estate owner/operator which seeks value-add investments and long-term asset appreciation of all real estate asset classes. Florida and New York are the firm's main areas of focus, with a proclivity towards emerging and gentrifying neighborhoods with excellent transportation access. Mayfair's principals have been involved in real estate transactions totaling more than $3 billion in total transaction value.
SOURCE ResProp Management
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