Equity Resource Fund 2017 (F2017) invested $1.3 million in general partner equity in the acquisition of a 282-unit market rate apartment complex located in Jacksonville, Florida. The property is located adjacent to an office park that currently provides 10,000+ jobs, nine miles southeast of downtown Jacksonville, and 21 miles south of Jacksonville’s international airport.
The submarket has average occupancy of 93.3%. The business plan calls for interior and exterior capital expenditure upgrades to in an effort to capitalize on current demand in the market for modern finishes and to achieve a rent increase. The general partner position provides strong returns on a market rate asset of good quality and location, an opportunity difficult to find in today’s market investing as a limited partner.
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