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New York Firm Buys its Third Jacksonville Apartment Complex in Two Years

August 12, 2018 Read more...

Quad Property Group paid $10.75M for a 44-year-old apartment complex with 152 units called Ortega Pines, which will be renamed The Palms at Ortega

A New York-based real estate investment firm acquired its third apartment complex in Jacksonville in the last two years.

Quad Property Group of New York City bought a 44-year-old apartment complex in southwest Jacksonville for $10.75 million, or $70,723 per unit.

Quad Property acquired Ortega Pines, a 152-unit apartment complex at 4800 Ortega Farms Boulevard. The new landlord will rename the property The Palms at Ortega. The apartment complex is just west of Naval Air Station Jacksonville.

Built in 1974, the property has one-, two- and three-bedroom apartments ranging in size from 680 square feet to 1,080 square feet. Common-area amenities include a swimming pool and a renovated clubhouse.

Quad Property plans extensive improvements at the apartment complex that will include adding a pet park, sport court and a business center for residents.

Michael Kashan, a principal of Quad Property, said in a prepared statement that the firm is actively seeking additional acquisitions in northeast Florida: “Jacksonville’s economy is firing on all cylinders.”

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Quad Property Group is a real estate investment firm that specializes in the ownership, redevelopment and management of multifamily property. The company’s extensive experience and hands-on, proactive approach to real estate challenges makes the company uniquely suited to add significant value. For more information, visit the company’s website at www.quadpropertygroup.com.


Quad Property Group Enters SC Multifamily Market

July 18, 2018 Read more...

The company plans to invest in extensive renovations of Grandeagle’s 152 units and amenities.

An affiliate of Quad Property Group, a real estate investment firm specializing in multifamily property ownership, redevelopment and management, has acquired Grandeagle, a 152-unit apartment community in Greenville, S.C. The $9.4 million transaction marks the company’s first acquisition in the state. According to public records, Grand Eagle Partners has purchased the asset for $5.2 million in 2015.

Located at 50 Glenwood Road, Grandeagle is 3 miles east of downtown Greenville and less than a mile from Interstate 385. Retail and dining venues are within walking distance. The asset 1970-built property has nine buildings, offering a mix of one and two-bedroom units ranging from 600 to 1,175 square feet. Common-area amenities include a swimming pool, picnic and grilling areas, laundry facilities and 208 parking spaces.

The new owner is planning to bring extensive unit and common-area improvements to the property, which will result in updated unit interiors and additional amenity spaces, including a pet park. “Grandeagle is well-positioned to capitalize on the region’s dynamic, growing economy,” Jariel Bortnick, a principal at Quad Property Group said, in a prepared statement.

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Quad Property Group is a real estate investment firm that specializes in the ownership, redevelopment and management of multifamily property. The company’s extensive experience and hands-on, proactive approach to real estate challenges makes the company uniquely suited to add significant value. For more information, visit the company’s website at www.quadpropertygroup.com.


Quad Property Group Acquires Another Jacksonville, Florida Apartment Complex

December 13, 2017 Read more...

Gull Cove, a 105-unit apartment community, is located on Park Avenue in Orange Park

New York, NY – An affiliate of Quad Property Group, a New York based real estate investment firm, has acquired Gull Cove, a 105-unit apartment complex in Orange Park, a suburb of Jacksonville, Florida. The transaction closed on December 12, 2017 and represents the company’s 2nd acquisition of a Jacksonville apartment complex in the past 15 months.Gull Cove is located at 606 Park Avenue, one-half mile south of I-295 and convenient to major employment and retail centers. The complex is composed of large one, two and three-bedroom apartments. Gull Cove also features a swimming pool and clubhouse, along with other resident amenities.

Jariel Bortnick, a principal at Quad Property Group, stated that the acquisition of Gull Cove was a compelling opportunity to acquire a well-maintained, 1970’s property that had been held by the same family for over 40 years. The apartment complex has not had any major improvements since it was built, according to Bortnick, so the company plans to make significant renovations. Bortnick stated that “through our renovation program, we plan to make numerous enhancements that will greatly improve the tenant experience at Gull Cove, both inside individual apartments and throughout the complex.”

According to Michael Kashan, also a principal at Quad Property Group, the company is excited to add another Jacksonville-area property to its portfolio and is actively seeking additional acquisitions in Northeast Florida. “With Jacksonville’s dynamic economy and tremendous growth, we are delighted to acquire another apartment complex in the area,” Kashan said. “As we grow our portfolio, Jacksonville is certainly an area of focus.”

Quad Property Group is a real estate investment firm that specializes in the ownership, redevelopment and management of multifamily property. The company’s extensive experience and hands-on, proactive approach to real estate challenges makes the company uniquely suited to add significant value. For more information, visit the company’s website at www.quadpropertygroup.com.


Quad Property Group Acquires 104-Unit Apartment Complex in Augusta, Georgia

August 21, 2017 Read more...

Vintage Creek, a 104-unit apartment community, is located on Leg Road on Augusta’s west side

New York, NY – An affiliate of Quad Property Group, a New York based real estate investment firm, has acquired Vintage Creek, a 104-unit apartment complex located at 1924 N Leg Road on Augusta’s west side. The sale price was $5,000,000 and the transaction closed on August 15th.

According to Jariel Bortnick, a principal at Quad Property Group, the acquisition represented an opportunity to acquire a well-maintained, 1970’s property that is ripe for renovation. Bortnick stated that the company plans to enhance Vintage Creek’s position in the market by renovating unit interiors and improving the complex’s common areas.

Additionally, Quad Property Group plans to add amenities for tenants, including a brand new leasing office and clubhouse, along with a pet park and sport court. “Through our renovation program, we plan to make strategic improvements that will improve the tenant experience at Vintage Creek, both inside individual apartments and throughout the complex,” Bortnick said.

Michael Kashan, also a principal at Quad Property Group, stated that the company is excited about future growth in Augusta and plans additional multifamily acquisitions in the area. “With Augusta’s reliable base of medical, educational and manufacturing jobs, along with the tremendous momentum related to Cyber Command, the future of Augusta looks incredibly bright,” Kashan said.

About Quad Property Group: Quad Property Group is a real estate investment company that specializes in the ownership, redevelopment and management of multifamily and retail real estate. The company’s extensive experience and hands-on, proactive approach to real estate challenges makes the company uniquely suited to add significant value to commercial properties. For more information, visit the company’s website at www.quadpropertygroup.com.


Quad Property Group Acquires 112-Unit Apartment Complex In Jacksonville

September 26, 2016 Read more...

The Forest, a 112-unit apartment community, is located on 103rd Street in Jacksonville’s Westside neighborhood

New York, NY – An affiliate of Quad Property Group, a New York based real estate investment firm, has acquired The Forest, a 112-unit apartment complex located at 6756 103rd Street in Jacksonville’s Westside neighborhood. The complex was purchased for $4,100,000.

Jariel Bortnick, a principal of Quad Property Group, said that the acquisition represented a compelling opportunity to acquire a well-maintained, well-located workforce housing complex at a price significantly below replacement cost.

Bortnick stated that the company will complete interior and exterior upgrades at The Forest to further enhance the community’s position in the market.

Additionally, he believes that the recently-announced Amazon fulfillment center and its 1,500 new jobs, Citigroup’s recent expansion and the ongoing development at Cecil Commerce Center, among other projects, will continue to drive the property’s appeal to potential tenants. “The Forest is well-positioned to take advantage of the job growth in Jacksonville, as it is easily accessible from both I-295 and the Cecil Commerce Center,” Bortnick said.

According to Michael Kashan, also a principal at Quad Property Group, the company is actively seeking additional acquisitions in Florida. “We believe that Class B and C apartment complexes, such as this one, offer a great value proposition in today’s market,” Kashan said.

About Quad Property Group: Quad Property Group is a real estate investment company that specializes in the ownership, redevelopment and management of multifamily and retail real estate. The company’s extensive experience and hands-on, proactive approach to real estate challenges makes the company uniquely suited to add significant value to commercial properties. For more information, visit the company’s website at www.quadpropertygroup.com.