DIJ Properties Announces Acquisition of New Community in Jacksonville, Florida

Jacksonville, Florida – DIJ Properties has announced the acquisition of a new, premium community named Morningside near West Side of Jacksonville, Florida. The posh property will now be known as Magnolia Terrace II and is ideally located between Blanding Boulevard and San Juan Avenue. It is within reach from the I-10 and I-95 and offers easy access to all the amenities and facilities in Downtown Jacksonville including Jacksonville International Airport, NAS Jax and the surrounding suburbs. Jacksonville is one of the fastest growing U.S. cities, having several Fortune 500 and Fortune 1000 companies.

DIJ Properties’ spokesperson announced the new property acquisition by the company. He said, “We at DIJ are proud to announce the acquisition of a new magnificent community close to Jacksonville. Our new community offers the best in terms of amenities and location advantage to our customers.”

Magnolia Terrace II Apartments offers garden-styled apartment community with 112 units. The existing owner has already made major investment for improvements. The units have undergone total renovation. So has the landscaping, which has been upgraded. The HVAC systems have been replaced with 410A and the asphalt has been repaired and repainted. Almost all the units have undergone renovation within the last 18 months. The units feature stucco over solid concrete construction with pitched roofs.

Magnolia Terrace II offers 2 bedroom layouts. The single bedroom-single bath layout has an average floor area of 675 SF while the dual-bedroom/single-bath layout has 875 SF floor area. Both the layouts are highly sought after due to various amenities and features. Elaborating on the investment potential of the new property, the spokesperson further added, “Our newly acquired property is located in one of the top communities in Jacksonville. Schools, hospitals, shopping malls, bus line stops, airports and other facilities are just within few minutes.”

It is located in a hot commercial district. The Jacksonville MSA is among the top 50 economies in the United States, having a highly diversified industry-portfolio comprising of healthcare, financial, transportation and military sectors. It supports over 662,000 jobs. Jacksonville is home to several Fortune 500 and Fortune 1000 companies including Fidelity National Financial, CSX Corporation, Landstar System, Inc., Fidelity National Information Services, Winn-Dixie, and PSS World Medical. Other major employers include Prudential Life, Bank of America, and SouthTrust Bank among others.

Magnolia Terrace II offers a number of exceptional amenities such as sparkling pools, kid’s playground, private courtyard, fully-equipped kitchens, community garden, perimeter fencing and much more. All the 72-dual bedroom and 40-single bedroom units are fully furnished. The spokesperson added, “The new property offers great opportunity for entrepreneurial investors who want to invest in great rental properties.”

DIJ raised most of the funds for the acquisition with a tiny percentage being acquired as agency mortgage loan. According to the spokesperson, “The loan percentage in the overall acquisition cost is almost negligible. The loan term of 10 years has amortization term of 30 years at 4.42% fixed interest rate.”

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