Creative Realty Partners is pleased to announce the acquisition of the 140-unit Silversmith Creek Apartments in Jacksonville, FL. The economics behind the investment represents an exceptional value-add opportunity that will yield excellent cash-on-cash returns. The multifamily asset was sourced on an off-market basis from RAIT Financial Trust which allowed for an under-market purchase price.
Situated at 7211 Crane Avenue, Silversmith Creek was built in 1971 and consists of twelve two and three-story buildings. Centrally located in the heart of Jacksonville, the property is a beneficiary of a strongly growing local economy. According to market reports, the Jacksonville apartment market is expected to tighten in 2016 as rents are expected to rise and new housing demand is being generated.
Silversmith Apartments is a community that provides an excellent amenity package including disability access, fitness center, playground, surface lot, laundry facility, pool and courtyard. CRP has allocated a $190,000 capital improvements budget interior and amenity upgrades. The property displays considerable upside in managing operating expenses, increasing utility bill-back, as well as increasing rents through efficient marketing.