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.

###

The Jacksonville region is one of the most attractive MSAs in the country for multifamily development and investment. Its strong population and employment growth, plus rising income levels continue to drive demand. In fact, 2019 marked the fourth consecutive year that multifamily investment sales crossed the billion-dollar mark in the Jacksonville market. [i] And according to CBRE’s 2021 Market Outlook, Jacksonville is one of the Southeast metro areas that has responded the best to the economic challenges caused by COVID-19 and is consequently well-positioned for solid performance in 2021.[ii]

Attractive Lifestyle Drives Growth

Jacksonville is North Florida’s largest MSA with a population of 1.5 million and is the sixth-fastest-growing MSA in the country.[iii] From 2013 to 2018, Jacksonville’s population grew by over 10%, far outpacing the national average of 3.5%.[iv] According to Colliers International, the primary growth driver is in-migration, fueled by the region’s relative affordability, strong demographics, skilled labor pool, high quality of life, and the state’s business/tax-friendly attitude. EMSI, a labor market analytics firm, ranked Jacksonville as the #1 city for talent acquisitions last year, and Forbes named Jacksonville as the #2 best city for young professionals.[v]

It’s Where the Jobs Are

Bordering the Florida/Georgia line, the Jacksonville region is central to the booming Southeast, and naturally positioned for growth. According to the Jacksonville region’s economic development agency, one in every six jobs is in the health and sciences sector. The region’s healthcare landscape includes Mayo Clinic, a Baptist MD Anderson Cancer Center, the University of Florida Proton Therapy Institute, and cutting-edge medical companies including Medtronic, McKesson, Availity, and Forcura.

In addition to healthcare, job growth is found in manufacturing, logistics, financial services, and technology. Jacksonville is now home to over eighty national/divisional headquarters, three Fortune 500, and five Fortune 1000 companies.

Strong Multifamily Market

Colliers International reported that the Jacksonville multifamily market continued its strong record of growth in the final months of 2019—with Q4 marking the 19th consecutive quarter that overall multifamily occupancy remained above 94%.[vi] And Mashvisor, in its review of top Florida multifamily markets, ranked Jacksonville #4, with a multifamily cap rate of 2.0%. [vii]

Resilient Multifamily Market

According to YardiMatrix, the Jacksonville metro area ranks #3 in terms of investment activity, with 11 deals closed in the first four months of 2020 for a total of $349 million, up 50 percent from the same time last year.[viii] By year’s end, developers are projected to deliver more than 3,000 units in Jacksonville, but that will depend on the overall impact that the pandemic has on construction activity. Early indications are that the region’s construction sector remains strong, with Jacksonville being the only MSA in Florida to show a rise in construction employment between March and April, the height of the pandemic shutdown.[ix] CBRE, which cited Jacksonville as one of the best opportunities for achieving expected revenues and seeing solid market performance in 2021, also noted that multifamily has weathered the 2020 recession better than most property sectors and is looking at a quicker rebound next year. [x]

The Opportunity

Lloyd Jones, LLC has extensive experience as an investor, owner, and manager in the Jacksonville multifamily market. We have worked with investors to find the right multifamily property to generate the best possible returns for four decades, through numerous economic cycles. If you are looking to capitalize on multifamily opportunities in the Jacksonville market, please let us know. To learn more, visit https://www.ljasl.wpengine.com/

[i] https://www2.colliers.com/en/research/jacksonville/q4-multifamily-report-2019

[ii] https://www.cbre.us/research-and-reports/2021-US-Real-Estate-Market-Outlook-Multifamily

[iii] https://jaxusa.org/tools-resources/rankings/

[iv] https://www.globest.com/2020/02/11/jacksonvilles-multifamily-sales-cross-1b-mark/

[v] https://jaxusa.org/industry/headquarters/

[vi] https://www.globest.com/2020/02/11/jacksonvilles-multifamily-sales-cross-1b-mark/

[vii] https://www.mashvisor.com/blog/how-to-find-multi-family-homes-for-sale-in-florida/

[viii] https://www.multihousingnews.com/post/top-5-florida-markets-for-transaction-activity/

[ix] https://www.jaxdailyrecord.com/article/jacksonville-only-area-in-state-to-show-a-rise-in-construction-employment-between-march-and-april

[x] https://reintelligent.com/cbre-outlook-quicker-rebound-expected-for-multifamily-in-2021/

Lloyd Jones Capital, a Miami-based private equity firm, acquired a recently renovated apartment complex in Tallahassee for $57.8 million.

Lloyd Jones’ per-unit cost was about $120,000 for the 444-unit complex at 3909 Reserve Drive in Tallahassee, located five miles from the Capitol Building.

The rental complex, called The Westcott Apartments, was built in two phases, 300 units in 2000 and 144 in 2005.

It is the second apartment property in Tallahassee that Lloyd Jones has acquired. The Miami firm also owns Jackson Square Apartments, located six miles from The Westcott Apartments.

The Westcott has one-, two-  and three-bedroom units, and its amenities include two swimming pools, two gyms, playgrounds and tennis courts.

Lloyd Jones specializes in investments in rental housing and senior housing. – Mike Seemuth
Click here for the original article

Lloyd Jones Capital, a private equity firm based in Miami, acquired Westcott Apartments for $57.8 million.Lloyd Jones Capital website.

Miami-based private equity firm Lloyd Jones Capital purchased Westcott Apartments near Tom Brown Park for $57.8 million.
Built in 2000 off Conner Boulevard, the apartment complex has 444 units ranging from one to three bedrooms. It also features two pools, tennis courts and two fully-equipped gyms.

This marks the company’s second acquisition in Tallahassee following the purchase of Jackson Square Apartments.

Lloyd Jones Capital specializes in multi-family and senior housing properties in growth markets throughout Florida and the Southeast.
Contact TaMaryn Waters at tlwaters@tallahassee.com or follow @TaMarynWaters on Twitter. 

Click here for the original article.

MIAMI – Lloyd Jones, a multifamily real estate investment firm has purchased the Anatole Apartment Homes in Daytona Beach.  The 208- unit apartment community enjoys a central location at 1690 Dunn Avenue, near retail shopping and dining, and minutes to the beach.

The investment strategy is a light value-add program: upgrading units and creating expanded outdoor entertaining opportunities.  Says Chris Finlay, chairman of Lloyd Jones, “It is always fun to provide new and improved amenities for our residents. I know they will love the results.  And our investors will love the steady income and capital appreciation this property will provide.”

This is the firm’s third community in Daytona, after the Granite at Porpoise Bay and The Meetinghouse at Daytona Beach, a 55+ senior living complex.  Says Finlay, “We’ve been in Daytona for ten years now. It’s a fabulous market.  Our properties perform exceedingly well, and we are thrilled to continue to expand our presence here.”

As an owner/operator, Lloyd Jones manages its own properties with its long-established operations team, formerly called Finlay Management.

About Lloyd Jones
Lloyd Jones is a private-equity real estate firm that specializes in the multifamily and senior housing sectors. Building on thirty-eight years real estate industry, the firm acquires, manages, and develops multifamily real estate in growth markets throughout Florida, Texas, and the Southeast. Its investors include institutional partners, private investors, and its own principals.

A Miami firm acquired a 15-year-old apartment complex in Jacksonville for $40.8 million, the Jacksonville Times-Union newspaper.

Lloyd Jones Capital, a Miami-based rental property investment firm, acquired the 282-unit Deerwood Park complex for about $145,000 per apartment.

A spokeswoman for Lloyd Jones Capital told the Times-Union that the firm plans to remodel the clubhouse at Deerwood Park and upgrade apartment interiors.

Lloyd Jones owns to other Jacksonville-area apartment complexes called The Meeting House at Collins Cove and Laurel Pointe.
In a press release, Lloyd Jones said its latest apartment-complex acquisition in the Jacksonville area is located in the Deerwood Office Park, which has 5.2 million square feet of office space and houses some of area’s largest employers.

Lloyd Jones also said in the release that its acquisition of the Deerwood Park apartment complex brought to nearly 5,000 the number of apartment units the firm owns. [Jacksonville Times-Union]  — Mike Seemuth
Click here for the original article

Lloyd Jones Capital has acquired Seabrook, Texas-based Regatta Bay Apartments. The seller was FRBH Regatta Bay LLC. No financial terms were disclosed. Finlay Management, the operations group at Lloyd Jones Capital, will serve as the property manager.

PRESS RELEASE

MIAMI, Fla. – Lloyd Jones Capital, a Miami-based multifamily investment firm, has purchased the Regatta Bay Apartments from FRBH Regatta Bay, LLC. The property is located at 2555 Repsdorph Road in Seabrook, Texas, 30 minutes southeast of Houston. The acquisition adds 240 units to the Lloyd Jones portfolio of approximately 4,000 units spread over Texas, Florida, and the Southeast.

Says Chris Finlay, chairman/CEO of Lloyd Jones Capital, “This is a well-maintained, core-plus property that we intend to hold for several years. We expect it to provide a steady, long-term cash flow for our investors.”

Built in 2003, the property offers one-, two-, and three-bedroom apartments; garages; and a modern, updated clubhouse. Lloyd Jones Capital will implement a light value-add program to further upgrade the units. Finlay adds, “Our local teams scour Texas and the Southeast for investment properties. They are hard to find in this economy, but we’ve got another good one here.”
According to Finlay, property management will be handled by Finlay Management, the operations group at Lloyd Jones Capital. Finlay Management is an Accredited Management Organization (AMO®) as designated by the Institute of Real Estate Management (IREM®) and has a 30-year history in the industry.

About Lloyd Jones Capital

Lloyd Jones Capital is a private-equity real estate firm that specializes in the multifamily sector. With 37 years of experience in the real estate industry, the firm acquires, improves, and operates multifamily real estate in growth markets throughout Texas, Florida, and the Southeast.
Lloyd Jones Capital provides a fully integrated investment/operations platform. Its property management arm partners with the investment team to provide local expertise in each of its markets.
Headquartered in Miami, the firm has offices throughout Texas, Florida, and the Southeast, plus New York City. The firm’s investors include institutional partners, private investors, and its own principals.

Click here for the original article

MIAMI – Lloyd Jones Capital, a Miami-based multifamily investment firm, has purchased the Regatta Bay Apartments from FRBH Regatta Bay, LLC.  The property is located at 2555 Repsdorph Road in Seabrook, Texas, 30 minutes southeast of Houston.  The acquisition adds 240 units to the Lloyd Jones portfolio of approximately 4,000 units spread over Texas, Florida, and the Southeast.

Says Chris Finlay, chairman/CEO of Lloyd Jones Capital, “This is a well-maintained, core-plus property that we intend to hold for several years. We expect it to provide a steady, long-term cash flow for our investors.”

Built in 2003, the property offers one-, two-, and three-bedroom apartments; garages; and a modern, updated clubhouse.  Lloyd Jones Capital will implement a light value-add program to further upgrade the units.  Finlay adds, “Our local teams scour Texas and the Southeast for investment properties. They are hard to find in this economy, but we’ve got another good one here.”

According to Finlay, property management will be handled by Finlay Management, the operations group at Lloyd Jones Capital.  Finlay Management is an Accredited Management Organization (AMO®) as designated by the Institute of Real Estate Management (IREM®) and has a 30-year history in the industry.

About Lloyd Jones Capital
Lloyd Jones Capital is a private-equity real estate firm that specializes in the multifamily sector. With 37 years of experience in the real estate industry, the firm acquires, improves, and operates multifamily real estate in growth markets throughout Texas, Florida, and the Southeast.

Lloyd Jones Capital provides a fully integrated investment/operations platform.  Its property management arm partners with the investment team to provide local expertise in each of its markets.
Headquartered in Miami, the firm has offices throughout Texas, Florida, and the Southeast, plus New York City.  The firm’s investors include institutional partners, private investors, and its own principals.

For more information visit:  ljasl.wpengine.com.

By: Anjali Fluker– Associate Managing Editor, Orlando Business Journal