OAK BROOK, Ill.--(BUSINESS WIRE)--Inland Real Estate Acquisitions, Inc. announced today that it negotiated and helped close the purchase of Magnolia Village Apartments, a 168-unit multifamily property located in Jacksonville, Florida. Mark Cosenza, senior vice president of Inland Real Estate Acquisitions, Inc., facilitated the transaction, with assistance from David Neboyskey, assistant vice president and associate counsel of The Inland Real Estate Group, LLC, Law Department, on behalf of an Inland affiliate.
Magnolia Village Apartments is a gated community located at 1620 Bartram Road. The property consists of six three-story buildings with 48 one-bedroom, 96 two-bedroom and 24 three-bedroom units. Each unit features nine-foot ceilings, walk-in closets, an in-unit washer and dryer, a garden tub and a patio, screened porch or balcony. Community amenities include a clubhouse, fitness center, picnic and grilling areas and a resort-style swimming pool with a sundeck.
“Located approximately 20 minutes west of the beach, Magnolia Village Apartments’ prime location places residents near a variety of top employers and in close proximity to both Baptist Medical and St. Vincent’s Hospital,” said Cosenza. “Its high-end finishes, strong demographics and ideal location made this property an attractive purchase and a prime example of the type of multifamily acquisitions we continue to seek out.”
As of August 10, 2017, the property was 96.4 percent occupied.
To date, Inland Real Estate Acquisitions, Inc. has facilitated more than $44 billion of purchases including single-tenant properties, medical office buildings, retail properties and a total of more than $4.6 billion in apartments.
About Inland Real Estate Acquisitions, Inc.
Inland Real Estate Acquisitions, Inc. is the purchasing arm for various entities that are a part of The Inland Real Estate Group of Companies, Inc., a group of independent legal entities, some of which may be affiliates, share some common ownership or have been sponsored or managed by Inland Real Estate Investment Corporation or its subsidiaries (collectively, “Inland”). For additional information, please refer to Inland’s website at www.inlandgroup.com.