Atlantic Crossing near Jacksonville Town Center
9825 Gate Parkway North
Jacksonville, Florida 32246
A Memphis-based real estate investment trust that owns and manages multifamily apartments in the sunbelt region of the United States, recently closed on the acquisition of Atlantic Crossing in Jacksonville and The Retreat at Magnolia Parke Apartments in Gainesville.
Atlantic Crossing is a 200-unit property located in the same submarket as Deerwood Office Park and St. John’s Town Center. Constructed in 2007/2008 originally as residential condominiums, the individual units average 1,241 square feet and include 9′ to 10′ ceilings and large balconies.
The Retreat at Magnolia Parke Apartments is a 204 unit development completed in 2008 in the Magnolia Parke submarket with close proximity to Oak Mall, Gainesville’s largest retail center. Individual units average 1,010 square feet in size.
The acquisitions, totaling $42.8 million, were funded by borrowings under existing credit facilities and common stock issuances through MAA’s at-the-market program.