LIFT JAX And Joined Development Acquire Eastside Terrace And Eastside Gardens In Jacksonville For $6.2M

Nonprofit LIFT JAX and developer Joined Development have acquired Jacksonville's Eastside Terrace and Eastside Gardens apartment complexes. The properties, located at 1230 East 7th Street and 1212 East 1st Street, were purchased for a total of $6.2 million. The multifamily assets consist of 270 units, resulting in a price per unit of $22,963. Plans are in place for renovations to improve living conditions for nearly 100 families, following the resolution of previous issues. Upgrades will include the installation of security cameras, renovations of vacant units, and the introduction of enhanced community services.

Summary of Transaction Details:

• Property Type: Multifamily
• Transaction Amount: $6,200,000
• Address: 1230 East 7th Street & 1212 East 1st Street
• Market: Jacksonville
• Buyer: LIFT JAX - David Garfunkel; Joined Development
• Seller: American Housing Enterprises - Andrew Podray
• Units: 270
• Price Per Unit: $22,963

The buyer, LIFT JAX, represented by David Garfunkel, partnered with developer Joined Development for this acquisition. The seller, American Housing Enterprises, was represented by Andrew Podray. The purchase of these two properties is part of the organizations' efforts to address and improve living conditions for families in the area. The planned renovations, such as the introduction of security cameras and enhanced community services, aim to create a safer and more comfortable environment for the residents.