Updated Oct 13, 2026
The Vestcor Companies Inc Acquires 12.6-Acre Development Site In Jacksonville For $5.6M
8300 Merrill Road
$5,600,000
Units
240
Asset Type
Development Site
Closing
Oct 30, 2023
About this deal
AI
The Vestcor Companies Inc. has purchased a 12.6-acre development site in Arlington, located at 8300 Merrill Road in Jacksonville. The property was sold by Lakeview Christian Fellowship Inc. for a total price of $5,600,000. The site will be used for the development of the Madison Palms affordable apartment community, a project worth $56.5 million. The community will consist of 240 units catering to various income levels, and construction is expected to be completed by March 1, 2025.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $5,600,000
- Address: 8300 Merrill Road, Jacksonville
- Market: Jacksonville
- Buyer: The Vestcor Companies Inc - Ryan Hoover
- Seller: Lakeview Christian Fellowship Inc
- Project Name: Madison Palms affordable apartment community
- Project Cost: $56,500,000
- Number of Units: 240
- Expected Completion Date: March 1, 2025
Ryan Hoover, representing The Vestcor Companies Inc., brokered the deal as the buyer's representative.
On the Map
$5,600,000
Development Site
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Players
Merrill Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.83%
Cash-on-Cash
-0.81%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93