MIAMI—Lloyd Jones, a multifamily investment firm based in Miami, recently sold Deerwood Park Apartments, an apartment community in Jacksonville, Florida, to provide favorable returns to its investors after adding value to the property through a capital improvement project.
Lloyd Jones acquired the 282-unit, garden-style community in October 2017 and sold it in December 2020 after surpassing the projections of the original business plan. The firm’s joint venture partner in the deal was a Chinese wealth fund group.
“Deerwood Park outperformed our initial underwriting of an anticipated five-year hold period to meet its target yield and IRR parameters within just three years. We consider this a highly successful exit for our partner and ourselves,” said Ashley Socarras, who oversees the entire investment division for Lloyd Jones as the firm’s EVP of Investments.
During the hold period, Deerwood Park Apartments was professionally managed by Lloyd Jones Multifamily Management, who maintained the property at a healthy occupancy while executing the interior and exterior enhancements. Upgrades included converting the indoor basketball court to an oversized fitness center with a yoga studio and creating a co-working lounge.
“The Southside submarket of Jacksonville is one of the area’s strongest for millennial renters and young professionals,” added Stuart Keller, SVP of Asset Management for Lloyd Jones. “The capital improvements we chose to implement at Deerwood were appealing to this growing demographic.” Jacksonville is rapidly expanding in the finance, technology, and healthcare sectors, with major corporations like Florida Blue, Bank of America, and SoFi calling the Southside area home.
“I am thrilled that we produced these results for our multifamily investment partners,” stated Chris Finlay, chairman/CEO of Lloyd Jones. “Our firm is very optimistic for the year ahead.”
ABOUT LLOYD JONES
Lloyd Jones, LLC is a real estate investment and development firm with 40 years in the industry under the continuous direction of Chairman/CEO, Christopher Finlay. Based in Miami, the firm has divisions in multifamily investment, development, management, and senior living. Its investment partners include institutions, private investors, and its own principals. To learn more about Lloyd Jones, visit www.ljasl.wpengine.com.