ATLANTA, GA, USA, September 4, 2022 /EINPresswire.com/ — Sureste Property Group (SPG) is pleased to announce that it has acquired Kings Tree and Park Place Apartments in Orange Park, Florida, part of MSA of Jacksonville. Both properties consist of 134 multi-family units. President and COO Forrest Bailey said, “This acquisition represents our entry into the Jacksonville and Florida markets.
An important step in expanding the Sureste Property Group’s footprint of acquiring quality properties in fast growing submarkets in the South East. We are actively renovating, developing and managing apartment buildings in 5 major submarkets totaling over 4,000 units, with a target of $1 billion in assets under management by next year”
This acquisition opportunity was compelling due to its attractive base price relative to replacement cost and recent investment sales. The properties are located in a prime location with positive demographic and employment factors and strong investment partners. The business plan for the properties includes renovations inside the units as well as improvements to common areas and amenities in an effort to further enhance the curb appeal of the property.
SPG is one of the most active participants in the Southeast multi-family value-added labor market. Sureste has acquired over 20 properties valued at over $500 million in the past 36 months and has multiple opportunities and capabilities to pursue aggressive acquisitions and a pipeline for new development of new multi-family communities exceeds $400 million on our target markets.