Business

Inland buys multifamily property in Florida

Posted September 06, 2017 1:00 am

OAK BROOK - Inland Real Estate Acquisitions negotiated and closed the purchase of Magnolia Village Apartments, a 168-unit multifamily property located in Jacksonville, Florida.

Terms of the purchase were not announced.

Magnolia Village Apartments is a gated community consisting of six three-story buildings with 48 one-bedroom, 96 two-bedroom and 24 three-bedroom units. Community amenities include a clubhouse, fitness center, picnic and grilling areas and a resort-style swimming pool with a sun deck. As of Aug. 10, the property was 96.4 percent occupied.

Mark Cosenza, senior vice president of Inland Real Estate Acquisitions, Inc., facilitated the transaction, with assistance from David Neboyskey, assistant vice president and associate counsel of The Inland Real Estate Group, LLC, Law Department, on behalf of an Inland affiliate.

"Its high-end finishes, strong demographics and ideal location made this property an attractive purchase and a prime example of the type of multifamily acquisitions we continue to seek out," said Cosenza.

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