Year built1985
RefSRC-PP-001
About this investment
Pointe Parc is a 360-unit, Class B multifamily property located in close proximity to a Class A office park and shopping center in the Jacksonville MSA.
We acquired Pointe Parc at St. John's in an off-market transaction alongside our joint-venture partner whose key principals have operated in the Jacksonville market for more than 20 years.
Pointe Parc's repositioning to a Class B asset (from B-) involved site improvements and light interior renovations directed toward enhancing residents' living experience.
Investment highlights
- Off-market acquisition
- Value-add repositioning
- Garden-style multifamily
- Jacksonville growth market
- Operator co-investment
- Asset sold 2019
Property specs
- Property style
- Garden-style multifamily
- Year built
- 1985
- Units
- 360
- Location
- Jacksonville, FL
- Acquisition
- 2016
- Total transaction
- $34.2M
- Spoke investor equity
- $8.9M
- Status
- Sold (2019)
Interior program
- Renovation scope
- Light interior upgrades
- Unit class
- Class B (from B-)
Exterior program
- Site improvements
- Common-area enhancements
- Context
- Near Class A office and retail
Market context
- MSA
- Jacksonville
- Growth
- Population and job expansion
- Strategy
- Value-add multifamily
Additional information
- Consistent with Spoke's strategy to partner with best-in-class operators in high-growth markets.
