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5984 Windsor Forest DrJacksonville, FL 32210
Windsor Arms
Asset ClassMultifamily
# Units47
AVG SF: 909 Sq. FtAVG In Place Rent: $1.18 / SFAccess Data Room
47-Unit Value-Add Opportunity with 25%+ Rental Upside Located in Jacksonville, Florida.
overview of deal

Overview

Colliers, as exclusive agent, is pleased to present Windsor Arms; A 47-unit garden style community located in the rapidly growing Jacksonville market only minutes from grocery anchored retail and the city’s largest employers. Windsor Arms spans 1.63 acres and consists of six two-story brick buildings with an ideal unit mix of 46 2BR/1.5BA units, measuring 915 square feet each, and a single 1BR/1BA unit. Three of the buildings encircle a serene courtyard with gazebo and picnic table seating, while the other three buildings overlook the glistening swimming pool. The property is currently stabilized with below market rents and offers new ownership multiple avenues to drive value and optimize ROI. From an operational approach, there is an opportunity to increase net rental income by over $90,000 in Year 1 just by reducing the embedded loss-to-lease as well as recapture water, sewer, and trash expenses through the implementation of a RUBS program. All units are also candidates for upgrades, offering a new operator $270+ in rental upside through a targeted interior and amenity enhancement program.

 

 

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Investment Highlights

PHENOMENAL UPSIDE POTENTIAL: Windsor Arms offers new ownership investment flexibility through multiple paths to create value with 25%+ rental upside over the in-place average and the opportunity to increase NOI by over 50% within 2 years of ownership.

 

HIGH GROWTH SUBMARKET: Jacksonville's Westside is a proven performer with high rental demand, offering proximity to the market's major demand drivers and employment centers. As per RealPage, the Westside averaged 5.6% YOY effective rent growth over the past 10 years and projects 4.53% average annual growth for 2024-2027, outpacing the market average of 3.45%.

 

JACKSONVILLE IS THRIVING: Jacksonville continues to experience tremendous economic growth, providing extraordinary runway for the local apartment market. According to the US Census Bureau, Jacksonville was the 6th fastest growing large city in the country from 2021-2022, realized the 3rd largest year-over-year employment gain in 2022, and led the nation in net growth of corporate relocations over the past year. Jacksonville’s demographic tailwinds stand to fuel the housing sector well into the future.

 

 

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5984 Windsor Forest DrJacksonville, FL 32210
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Listing provided by Revere CRE