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

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.