Stone Street Multifamily Group Acquires 92-Unit Multifamily Property In San Marco, Jacksonville For $11.45M With ACG Management As Seller

The multifamily property located at 2943 Spring Park Road in San Marco, Jacksonville, was recently sold in a closed transaction. The property features a total of 92 units, with a rentable square footage of 91,600. The sale price for the property was $11,450,000, resulting in a price per unit of $124,457 and a price per square foot of $125.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $11,450,000
• Address: 2943 Spring Park Road
• Market: San Marco, Jacksonville
• Buyer: Russell Nova & Igor Zakh - Stone Street Multifamily Group
• Seller: ACG Management
• Broker: John Rutherford - NAI Hallmark
• Units: 92
• Price per Unit: $124,457
• Rentable Square Footage: 91,600
• Price per Square Foot: $125

Russell Nova and Igor Zakh, who both represent Stone Street Multifamily Group, were the buyers in this transaction. The seller was ACG Management. The deal was facilitated by broker John Rutherford from NAI Hallmark.

It is worth noting that Stone Street Multifamily Group, along with its partners, secured the contract with confidence in the market and financing capabilities. Financing on behalf of the ownership was secured by Cornerstone Capital of NY, with an 80% loan-to-value (LTV) loan and 100% of capital expenditures (CAPEX) covered. The financing came with a 3.5% fixed rate. Stone Street Multifamily Group is an active real estate investment group focused on purchasing value-add and cash flow properties. Their goal is to create generational wealth for their partners and investors. They are actively seeking off-market deals and are looking to expand in the Florida and Georgia markets in 2022. For further information, interested brokers can contact Russell Nova through the Stone Street Multifamily Group website.

Contact information:

• Russell Nova, Managing Partner
• Email: [email protected]
• Phone: 917-559-1820 (Cell / Text)
• Website: www.StoneStreetMFGroup.com

Igor Zakh, also a managing partner at Stone Street Multifamily Group, can be reached at:

• Email: [email protected]
• Phone: 917-567-1646 (Cell / Text)

For financing requests, Cornerstone Capital of NY can be contacted through their website: www.CSG-NY.com.