GoldOller Grabs 555-Unit Jacksonville M-F for $56M
- Feb 15, 2013
GoldOller Real Estate Investments L.L.C. continues to enhance its portfolio of high-quality multi-family assets in secondary and tertiary markets with the acquisition of Country Club Lakes Apartments in Jacksonville, Fla. The real estate company, acting through its private open-ended apartment fund, purchased the 555-unit property from Equity Residential for $56 million.
Acting on behalf of the seller, commercial real estate services firm CBRE Group Inc., brought Country Club Lakes to the market for purchase as a single asset or part of a three-property portfolio in September 2012. With investors clamoring for premier assets in top markets having pushed many would-be buyers out of the race, the pool of investors eyeing non-core markets is becoming increasingly crowded.
“The marketplace is competitive, cap rates are compressing,” Richard Oller, chairman of GoldOller, told Commercial Property Executive. “We’re very selective in our acquisitions so when we find the right mix of opportunity and market, then we’re prepared to move on it and if we don’t, we’ll wait for the right opportunities.”
Country Club Lakes was one of those right opportunities. The 16-year-old property at 4090 Hodges Blvd. sits within close proximity to beaches and the central business district in a city buoyed by, as Oller noted, a diverse economic base, high quality of life and a location within a region with anticipated continued economic growth.
This is not the company’s first time in town. GoldOller also owns the 432-unit Club at Town Center approximately five miles to the east of its latest acquisition. South Florida is certainly a priority for GoldOller, but the company’s radar expands far beyond the Sunshine State. Recent additions to its seven-state portfolio include the 624-unit Crossing at Barry Road in Kansas City, Mo.
GoldOller is just getting started for 2013. The fund’s pocketbook, when leveraged, will allow for an additional $250 million in buying power this year. It appears GoldOller’s acquisition and management strategy is proving successful.
“Our occupancies at all of our properties are in the high 90-percent range and all of our acquisition yields are in line with our projections, so we’ve done really well,” Oller added. “We’re going to keep our nose to the grindstone. We’re operators as well as investors; we do our own thing and so far it’s worked well.”
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