Miami, FL. (Feb. 4, 2019) – Westside Capital Group (“Westside”), a real estate investment holding firm, announced the acquisition of Creekwood Club, formerly known as Creekwood Apartment Homes, a 176-unit garden-style apartment community in Jacksonville, FL (the “Property”). The Property is situated in the southside submarket of Jacksonville near The St. Johns Town Center, an upscale super-regional open-air mall, and near St. Vincent’s Medical Center. The Property benefits from great traffic accessibility one-half mile south of Beach Boulevard, a mile south of Hart Bridge Expressway, a mile west of Southside Boulevard and less than 3 miles east of I-95.
The Property, built in 1975, is comprised of 22 buildings on a 11.67-acre site. The unit mix offers studio, one, two and three-bedroom floorplans averaging 846 square feet a unit. The Property also features a clubhouse, 431 on-site parking spots, fitness center, swimming pool and other tenant amenities. Westside aims to update common areas and perform targeted interior unit upgrades.
Westside has been focused on acquiring existing cash-flowing assets that provide for downside protected returns with additional non-underwritten upside. Throughout the due diligence and acquisition process, Westside had assessed development potential of up to 57 multi-family units that could be added to the Property.
“We’re thrilled to announce another multi-family investment in our portfolio,” said Jakub Hejl, Westside’s Founding Partner and Chairman. “This investment demonstrates Westside’s ability to work through complex acquisitions that include extensive due diligence of all property complexities due to condition and vintage. It is also a good example of our ability to work with lenders on assuming existing debt from previous owners.”
Strong population growth and job creation in Jacksonville continues to contribute to an improving rental market. The transaction was signed on May 10, 2018 and closed on February 1, 2019. The sale price before any closing adjustments and credits was $13.15 million. Westside has allocated a multi-million capital improvement budget for common areas, unit interiors and property systems.
Westside will continue to leverage its local market expertise and deep industry relationships to identify attractive multifamily investments throughout Florida and throughout the U.S.
Founded in 2016, Westside is a real estate investment holding firm focused on creating long-term value by integrating direct asset and corporate investments along the real estate value chain.