JACKSONVILLE, FL - Main Street Residential, a Florida based multifamily investment group, sold Serotina Lakes Apartments. CBRE represented Main Street Residential for the sale. Lone Star Capital Group of New York acquired the asset for $23.67 million.
This unique 263-unit multifamily property was purchased in 2016 and completely renovated by the Main Street Residential investment group.
Todd C. Marshall, Main Street Residential Partner, states that the sale of Serotina Lakes represented a textbook value add round trip for the company and our investor partners. We executed our signature renovation and value enhancing programs that allowed us to deliver very strong returns upon our exit.