River City Place Apartment

River City Place apartment in Jacksonville, FL is a 120 unit apartment built in 1975. Jacksonville is a desirable market. It is the #3 fastest growing U.S rental market with 12-month asking rent growth of 20.5% (Costar Sept. 2021). The business plan is to renovate 80% of the units over 18 - 24 months. The team will deploy operational efficiencies by sharing staff with other properties owned in Jacksonville. Projected cash-on-cash return is 10%, IRR of 16%+ and 2X equity multiple in 5 years. This property closed in May 2022.