DIJ Properties Acquires Reserve Water Apartments in Jacksonville, Florida

DIJ Properties Acquires Reserve Water Apartments in Jacksonville, Florida

MIAMI, FL. (BUSINESS WIRE)- DIJ Properties announced this week they acquired a new community near Jacksonville, a fast-growing city in Florida. The property is located close to famous Jacksonville beaches and, just a few minutes from I-295, which connects all the suburbs of Jacksonville. The spokesperson for DIJ Properties reported that the newly acquired property is comprised of 205 units.

The spokesperson said, “We have acquired a 205-unit, offering the best of amenities and locality you can find in the city of Jacksonville. We have high expectations for this property.”

The newly acquired community has 19 sprawling buildings in 2-3 story configurations. The company official further added, “This is a great community. Hospital, university, seaport, and commercial centers are just within reach.” He was referring to Downtown Jacksonville, which is just 5 minutes away. The commercial hub boasts of over 54,000 jobs at the time.

The new Jaxport Terminals have been reported to add another 65,000 jobs in the region. The Memorial Hospital is the nearest major medical facility. The 425-bed mega medical foundation is also a lucrative attraction for job seekers. While the hospital is poised to add another 2,000 jobs, the Jacksonville University is likely to employ another 500 people.

The Mayport Naval Station is another important hub close to the property. It adds another 12,000 jobs in the area. The Jacksonville beaches are the most beautiful attractions close to the new community, located just 20 minutes away.

A few minutes southeast from the new community is the Southside Business District. The expansive district hosts corporate offices of some of the largest corporations in the country.

The community has had received major renovations in 2011. The spokesperson said, “Over $2 million has been spent on renovating the entire property in 2011. This included re-plumbing, repainting, interior renovations, enhancements, and improvements in storm water drainage and more changes and renovations are coming its way.”

The renovation also involved improving the property’s water research. It was constructed at Water’s Inlet in 1970. It is located along a beautiful tributary branching out from the St. Johns River.

The spokesperson added, “The property offers complete range of amenities for its residents. The most notable addition is the recently equipped fitness center and the remodeled clubhouse.”

According to DIJ Properties, it raised the majority of the funds for the acquisition but some funds have been sourced from an agency mortgage loan. “Agency mortgage loan forms a small percentage of the acquisition funds. The loan has a 10-year term with 25-year amortization at a flat interest rate of 3.88%,” the official added.

About DIJ Properties

DIJ Properties is a multifamily property acquisition and investment manager. DIJ owns, acquires and manages multifamily properties in the United States, representing private and institutional investors.

Forward-Looking Statements

In addition to past information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimations and forecasts about the industry and markets in which DIJ operates, its executive’s beliefs, and assumptions made by DIJ’s management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict.

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