April 12– Apr. 12–The SpringHill Suites by Marriott Jacksonville Airport is set for extensive renovations after being purchased in a transaction facilitated by San Francisco-based HTL Hospitality Advisors.
The sale of the 12-year-old, 104-room hotel at 13550 Airport Court was part of HTLHA's growing off-market practice and the fifth off-market Marriott-franchised hotel it has recently sold, according to a news release.
The unnamed buyer needed to quickly swap an investment property in order to complete a 1031 exchange (aka, like-kind exchange), the release states. Such deals are designed under Section 1031 of the Internal Revenue Code to allow proceeds from the sale of one property to be invested into another to effectively limit or avoid capital gains taxes.
"We identified his specific acquisition criteria and were able to quickly find an asset that met both his needs and the requirements of his 1031 exchange," said HTLHA Director Bryan L. Gipson, who represented both parties, in the release.
In other news:
–The First Coast Apartment Association has named its new board members.
The FCAA Executive Board is now composed of President April Hudson, Milestone Management; President-Elect Ken Furtaw, WRH Realty Services Inc.; Secretary Treasurer Jody Mayor, Fort Family Investments; and Immediate Past President Shannon Gregory, WRH Realty Services Inc., according to a news release. Melissa Wenger, Apartments.com, is associate vice president.
FCAA Community Directors include Brian Cron, certified apartment manager (CAM); Julia Furber, ResProp Management; Beth Lakin, CAM, The Loree Apartments; Michelle Murphy, MAA; Brenda Sherrill, CAM, 5 Thousand Town; Sharon Steffen, Mission Springs Apartments; and Katie Wrenn, CAPS, WRH Realty Services Inc.
According to the release, associate directors are Holly Fox, All Pro Roofing & Consulting LLC; Jason Frotten, CAS, HD Supply; Danny Fusinatto, House of Floors; Dustin Hawley, RentPath; Ken Hilbert, Sherwin-Williams; Terri Jeffries, Cutting Edge Carpet and Ben Zeigler, Sweetwater Restoration.
Kris Millerschone, Lakeside Apartments, is the FCAA maintenance liaison and Camy Bermudez, Palm Bay Club is the NextGen committee chair and liaison.
Directors emeritus include Darla Erdelyi, Giglio Signs; Dale Pritchard, A Greener Image; John Gray, Restore 24; Jill Wright; The Avenues Apartments; Steve Thomas, Maintenance Supply Headquarters; Erin Triay; Jeff Jackson, Sherwin-Williams; Brian Davies, WRH Realty Services, Inc.; and Kellie Jackson, Milestone Management.
FCAA, founded in 1979, is governed by a board of directors responsible for setting policy, planning and ensuring the financial soundness of the association. The staff is led by Lindsey McClain, FCAA executive vice president; Taylor Tucker, director of special events; and Cory Luster, director of education and membership.
–Atlantic Beach's Seaside Apartments is under new ownership after Navarino Property Group of Bridgeport, Conn., and Mayfair Investment Partners acquired the 100-unit property at 1085 Atlantic Blvd. Terms were not disclosed.
The two-story garden-style apartment complex offers one-, two-, three- and four-bedroom units and features a swimming pool, playground, dog park, picnic area and on-site laundry facilities, according to a news release. It is located near Mayport Road.
Dallas-based ResProp Management was picked as property and construction manager.
"We look forward to working with Navarino and Mayfair on their newest acquisition in Florida," Clint Miller, director of business development for InvestRes (parent company of ResProp), said in the release. "Seeing the transformation of the property and taking it to the next level will be an amazing process to be part of."
–Meanwhile, ResProp Management also recently took on property and construction management for Lakewood Oaks Apartments (formerly San Jose Apartments) at 3534 Smithfield St. on the Southside.
The 138-unit, two-story garden-style apartment community near Interstate 95 and U.S. 1 has apartments averaging 854 square feet. Amenities include a pool, clubhouse, laundry facility and playground.
The addition to ResProp's portfolio was made possible through the partnership with Boardwalk Wealth of Dallas, according to a news release.
"We are excited to work with Boardwalk Wealth on this acquisition," ResProp's Miller said in the release. "A redevelopment plan is in the works that will take this property to the next level."
With the recent addition of Lakewood Oaks Apartments, ResProp Management manages more than 8,000 units across Florida.
"This is an extraordinarily compelling growth market for rental housing and is notable for the lack of new supply catering to the needs of the rapidly gentrifying population," Omar Khan, principal at Boardwalk Wealth, stated in the release.
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