JACKSONVILLE, Fla., Feb. 25, 2019 /PRNewswire/ -- ResProp Management was selected to provide full-service property and construction management for Lakewood Oaks Apartments, formerly known as San Jose Apartments. Lakewood Oaks is located in Jacksonville, Florida, southeast of downtown.
The property is located within walking distance of numerous amenities including grocery stores, banks, and retailers. With its close proximity to I-95 and U.S. Route 1 throughways, residents of this property can quickly access an array of recreation, shopping, and entertainment options offered throughout the greater Jacksonville area as well as having top employers within a five-mile radius.
Lakewood Oaks Apartments is a garden-style apartment community featuring walk-up apartments and is composed of 138 residential units. The two-story surface parked property has units averaging 854 Square Feet. The property has on-site amenities that include a swimming pool, clubhouse, clothes care center, and playground.
Clint Miller, Director of Business Development for InvestRes (parent company of ResProp) states, "We are excited to work with Boardwalk Wealth on this acquisition. A redevelopment plan is in the works that will take this property to the next level. We look forward to working with them on executing the business plan and continuing to grow with them on future deals".
With the recent addition of Lakewood Oaks 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 Boardwalk Wealth.
"This is an extraordinarily compelling growth market for rental housing and is notable for the lack of new supply catering to the needs of the rapidly gentrifying population," said Omar Khan, the Managing Principal at Boardwalk Wealth.
"Similar to our Texas strategy, we are in the process of gaining a strong foothold in the market by acquiring a further dozen or so communities in the coming 18 months," said Omar while reiterating the strong fundamentals and diversified economic growth in Jacksonville.
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 Boardwalk Wealth: Boardwalk Wealth is a private equity firm focused on commercial real estate investments. The company specializes in the acquisition, improvement, and asset management of apartments communities in growth markets across the United States. With capital preservation at the core of their strategy, Boardwalk is dedicated to the identification of sound investment opportunities with high revenue-growth potential.
SOURCE ResProp Management