JACKSONVILLE, FL – InvestRes, in partnership with a private equity firm, has bought Coquina Bay, a multifamily property located in the Southside submarket of Jacksonville. Coquina Bay, a 200-unit community, will be managed by InvestRes’s in-house property management division, ResProp Management.

Coquina Bay is a garden-style community offering one to three-bedroom apartment homes with floor plans of 700 to 1,100 square feet and several resident amenities, including a luxury swimming pool, spacious fitness center, gated dog parks, and an outdoor social lounge. 

“We are excited to add another property to our Jacksonville portfolio. Coquina Bay is a fantastic fit for our investors, and we plot to make value through a comprehensive renovation plot and hands-on, resident focused management. The property is in close proximity to the expanding Mayo Clinic, Atlantic beaches, and the St. John’s Town Center, a fantastic blend of economic opportunity and high quality of life for our residents,” said InvestRes CIO, Joe Facchini. 

InvestRes plans to launch a multimillion-dollar capital improvement program by renovating the exterior of each building and various common areas, repurposing and revamping resident amenities, and enhancing the interior of the apartment homes. 

With the addition of this acquisition, InvestRes bought nine properties in 2018 and owns more than 6,000 units across Florida.

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VIRGINIA BEACH, VA – Capital Square 1031, a leading real estate investment and management firm specializing in tax-advantaged Delaware statutory trust offerings, announced its acquisition of Woodshire Apartments, a 288-unit multifamily property located in Virginia Beach, Virginia.

“Woodshire Apartments is strategically located near the major employment centers of Virginia Beach and is just minutes away from the Port of Virginia, which generates an estimated $17.5 billion in annual income. The Port, along with the military presence in the area, provides exceptional stability to the regional economy,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “Similar to Capital Square’s previous acquisitions, the property was bought for a Delaware Statutory Trust offering, primarily for Section 1031 exchange investors. We are pleased to add this property to our portfolio of 73 properties and to provide this investment opportunity to our growing number of investors across the nation.” 

Located at 149 South Budding Ave., Woodshire Apartments is comprised of 20 residential buildings. The community includes one-, two- and three-bedroom floorplans ranging in size from 900 square feet to 1,300 square feet. Situated on 19.1 acres of land, the community was originally constructed in 1975 and was substantially renovated from 2017 to 2018.

Whitson Huffman, vice president of acquisitions, said “Woodshire Apartments is uniquely positioned within one mile of Town Center of Virginia Beach and Pembroke Mall, which have more than 800,000 square feet of retail space and affords residents unmatched access to retail amenities. In addition, Capital Square 1031 will continue its proven value-add strategy to enhance cash flow and investment value for investors.”

Since inception, Capital Square 1031 has sponsored 53 DSTs and has completed approximately $955 million in transaction volume.

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FANTASTIC MILLS, MD – CAPREIT, a fully-integrated real estate operating company responsible for the ownership and management of more than $5 billion of multifamily assets, announced it has bought Villas at Greenview West and Park Villas, two affordable apartment communities in St. Mary’s County. 

The Maryland-based communities are situated within 3.4 miles of each other, just east of St. Mary’s River State Park, and offer a combined 304 apartment homes. Villas at Greenview West, in Fantastic Mills, consists of 160 two- and three-bedroom homes. Park Villas, in nearby Lexington Park, features 144 one- and two-bedroom units. CAPREIT, which made the acquisitions in conjunction with Enterprise Capital, will renovate each community. 

“The California-Lexington submarket is very steady, and we’re excited to join the area and start making a difference in the push for quality affordable housing,” said Ernie Heymann, chief investment officer for CAPREIT. “We believe our upgrade measures will significantly improve these communities, and the submarket will undoubtedly benefit from an increase to the 2019 federal military budget, which will drive job growth and, subsequently, housing demand.”

The nearby Patuxent River Naval Air Station and the area’s pronounced government presence play large roles in the local economy, which features a median household income of $87,000 per year. A lack of supply of quality affordable housing is one of the area’s primary challenges, and CAPREIT is keenly focused on addressing the issue.  

The renovation efforts at Villas at Greenview West and Park Villas will consist of upgrades to the amenity spaces and the addition of several in-home features, including stainless-steel appliances, hard-surface countertops, wood-plank flooring in common areas, new carpeting in bedrooms and energy-efficient lighting. 

Situated at 45660 Jillian Court, Villas at Greenview West’s existing community amenities include a clubhouse, fitness center, swimming pool and dog park. Located a seven-minute drive south at 21295 Mayfaire Lane, Park Villas common-area spaces include a clubhouse, fitness center, business center, fire pit and grilling area. 

St. Mary’s River State Park is among the area’s key attractions and consists of two sites. One houses 250-acre St. Mary’s Lake, home to a bevy of outdoor recreational activities, and the other includes 2,200 largely undeveloped acres.

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