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Ron Johnson Of Nicol Investment Co Acquires 300-Unit Multifamily Property In Jacksonville For $45M

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SOLD
$45,000,000

Florida

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MultiFamily
Sold 12/09/2025
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Ron Johnson Of Nicol Investment Co Acquires 300-Unit Multifamily Property In Jacksonville For $45M

1290 Kendall Town Boulevard

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MultiFamily
Sold 12/09/2025
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Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale

The 300-unit Clarke at Kendall Town Apartments, located at 1290 Kendall Town Boulevard in Jacksonville, was acquired for $45,000,000. This multifamily asset, built in 2022, spans 16 acres and consists of 10 buildings offering one- to three-bedroom units. Previously known as Novo Kendall Town, the property has a price per unit of $150,000.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $45,000,000
  • Buyer: Ron Johnson - Nicol Investment Co
  • Seller: Jim Shelton & Conor McNally - Shelton McNally Real Estate Partners
  • Lender: PNC Bank
  • Units: 300
  • PPU: $150,000

Nicol Investment Co., through NIC JAX Apartments LLC, facilitated the acquisition. The transaction was supported by a $30 million mortgage from PNC Bank. The sellers, Jim Shelton and Conor McNally, are associated with Shelton McNally Real Estate Partners, alongside their partner, Pacific Coast Capital Partners.

Players

PNC Bank
PNC Bank
LENDER

Details

SOLD
IMAGE: Ron Johnson, Jim Shelton, Jim Shelton & Conor McNally DATE: 12/09/2025 ADDRESS: 1290 Kendall Town Boulevard MARKET: Jacksonville ASSET TYPE: Multifamily BUYER: Ron Johnson - Nicol Investment Co SELLER: Jim Shelton & Conor McNally - Shelton McNally Real Estate Partners LENDER: PNC Bank (@PNCBank) SALE PRICE: $45,000,000 UNITS: 300 ~ PPU: $150,000 NOTE: Nicol Investment Co., through NIC JAX Apartments LLC, acquired the 300-unit Clarke at Kendall Town Apartments in Arlington for $45M from Shelton McNally Real Estate Partners (with partner Pacific Coast Capital Partners), backed by a $30M mortgage from PNC Bank.Built in 2022 on 16 acres, the 10-building, 300-unit community at 1290 Kendall Town Blvd. offers one- to three-bedroom units and was previously known as Novo Kendall Town.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,400,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$159,875.50
Cash-on-Cash Return-1.27%
Monthly Debt Service$213,322.96
Annual Debt Service$2,559,875.50