Creative Realty Partners is pleased to announce the addition of two multifamily properties to their portfolio of over 2,300 units.
By implementing a full capital improvement plan, CRP will transform the properties and enhance the overall value proposition for renters and the local communities.
The Plaza Apartments
A 281-units apartment community located in Jacksonville, FL. Built in 1975, The Plaza consists of 168 one-bedroom units and 113 two-bedroom units. The property is situated on 14.70 acres of land, occupying a rentable area of 204,501 square feet. The community offers a variety of amenities including a pool, tennis courts, two laundry centers, and plentiful open areas for residents to enjoy the outdoors.
The Plaza’s location is convenient to major highways, job centers, and is walkable to retail shopping and support services, while remaining tucked away in a quiet residential neighborhood. The area’s main roadways include Interstate 295, Southside Boulevard and Arlington Expressway/Atlantic Boulevard. The Plaza is a short 15-minute drive to major job centers including Downtown Jacksonville and JaxPort. The Regency Business District is also less than 15 minutes from the property and includes thousands of jobs and numerous shopping, dining and entertainment venues which include the Regency Square Mall and Kendall Town Center.
Situated in Jacksonville, the submarket has maintained an upward trend in both occupancy and rental growth over the past 5 years. The property is well-positioned to benefit from the continued strength of the Jacksonville market. The Plaza demonstrates physical and operational value-add opportunities.
Villas at Cedar Creek
A 118-unit apartment community located in Jacksonville, Florida. Built in 1968, the property is situated on 5.09 acres of land, occupying a rentable area of 119,426 square feet. Villas at Cedar Creek offers a unit mix of 20 one-bedroom units measuring 744 square feet, 78 two-bedroom units ranging from 936 to 1,135 square feet, and 20 three-bedroom units encompassing 1,358 square feet, with an overall average unit size of 1,012 square feet. The well-maintained grounds are landscaped with manicured grass area, mature shade trees, palm trees, and trimmed shrubs. Property amenities include on-site management and maintenance, and plenty of convenient parking.
The property is well located on a highly-trafficked San Juan Avenue (16,100 cars per day) just one mile west of Blanding Boulevard (25,000 cars per day) and less than two miles of east of I-295 (116,000 cars per day).
Villas at Cedar Creek demonstrates physical and operational value-add opportunities.
Creative Realty Partners’ value-add strategy has proven highly successful in these markets. CRP will implement exterior and interior improvements to produce substantial rent growth.
CRP focuses on areas with high economic growth, strong employment centers, low vacancies, high rental growth rates and unit-enhancement opportunities.
Founded in 1994, CRP is a privately-held real estate investment and advisory firm that employs a value-add investment strategy. Creative Realty Partners offers a full-service national real estate investment platform, with a successful and consistent performance history and attractive returns on investments. During the past five years, CRP has acquired in excess of 3,750 multifamily units and currently holds over 2,300 units in its portfolio. CRP’s acquisitions typically range between 100 and 400 units.