Park Place at Riverside sells for $1.3 million

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Park Place at Riverside
Marcus & Millichap announced the sale of Park Place at Riverside, a 12-unit apartment property located in Jacksonville, Florida

Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Park Place at Riverside, a 12-unit apartment property located in Jacksonville, Florida, according to David G. Bradley, regional manager of the firm’s Tampa office. The asset sold for $1,300,000.

Casey Babb CCIM, Luis Baez CCIM and Shawn Rupp, investment specialists in Marcus & Millichap’s Tampa office, along with Brad McCollum, investment specialist in Marcus & Millichap’s Jacksonville office had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by Casey Babb CCIM, Brad McCollum, Luis Baez CCIM and Shawn Rupp.

“This successful transaction is a testament to the demand for apartment assets in the Jacksonville MSA and The Babb Group’s ability to connect local sellers with out-of-market buyers. We were able to successfully navigate the pandemic-impacted environment with the Seller and bring him 100 percent of his asking price. The out-of-market buyer, who was very excited to get exposure to the Jacksonville market, was attracted to the Class A location, solid concrete block bones, and income potential of this asset,” says Brad McCollum.

Park Place at Riverside is located at 2765 Park Street in Jacksonville, Florida.