ABC Properties – Michaelson Real Estate Partners, acquire former Londontowne Apartments in Jacksonville, FL
Jacksonville, February 8, 2012
ABC & Michaelson are pleased to announce that they have acquired the Londontowne Apartments located at 1591 Lane Avenue South, Jacksonville, FL. The property has been rebranded as "Canterbury Gardens" and will undergo a multi-million dollar renovation. Canterbury, the largest and most significant residential property in the western Jacksonville submarket, is located on Lane Avenue. It has convenient access to Interstate 295 as well as superb accessibility from several of the area’s major transportation corridors including Interstate 95, Interstate 295 and Interstate 10. Built from 1967-1973, the Property consists of 693 units at an average of 899 square feet per unit. The property includes just under one mile of frontage along a tributary of the St Johns River and provides residents with a full amenity package including sparkling pools, a fitness center, playgrounds, a laundry facility, and a nature trail.
About ABC & Michaelson
Michaelson Real Estate Partners is an entrepreneurial driven, full service apartment management and investment firm that provides a diversified range of real estate services including: property management, leasing and marketing, and investment. Michaelson specializes in enhancing multifamily values by utilizing its core marketing, management and repositioning capabilities. The principals are seasoned real estate executives and entrepreneurs that individually have over 25 years of experience in the multifamily market including the development, construction, property management and advisory of over 100,000 multifamily units.
ABC is a privately held real estate entity located in Manhattan, New York. ABC owns and manages over 6,300 residential units and over one million square feet of retail and commercial space in 185 buildings. Investment properties are predominantly located in the New York City metropolitan area with additional properties in Alabama, Arizona, California, Connecticut, Florida, Indiana, Pennsylvania, Michigan, New Jersey, and North Carolina. David R. Topping, managing partner of ABC reports: "this asset represents our fourth recent acquisition in Florida and our first joint venture with Michaelson Real Estate Partners. Michaelson commands a strong presence in the Jacksonville multifamily marketplace and we are excited to be in business with them. Together we will execute an exciting and comprehensive interior/exterior renovation program to reposition this historic property for years to come".
For further information please contact:
Michaelson Real Estate Partners
Jay Massirman | jay@michaelsonrep.com | 305.416.4950
Michael Moses | michael@michaelsonrep.com | (904) 880-0000
ABC Properties
John P. Slattery | js@ABCMgmt.net | (561) 371-7527
Director of Acquisitions - Southeast Region