A repositioned Class B+ asset in close proximity of a Class A office park and shopping center.
We acquired Pointe Parc alongside our joint-venture partner whose key principals have successfully operated in the Jacksonville submarket for more than 15 years. Jacksonville continues to offer a strong and diverse economic base and is one of the fastest growing population centers in the nation. Less than a few miles away from Pointe Parc are a sizable Class A office park and a high-end shopping center.
Pointe Parc’s repositioning to a Class B+ asset (from B-) involved site improvements and “light” interior renovations, which was directed towards enhancing its tenant’s living experience. The acquisition of Pointe Parc is consistent with Spoke’s strategy to partner with best-in-class operators who target investments located in geographic areas that exhibit strong population and economic growth. The asset was sold in the Fall of 2019 after a 3-year hold period and resulted in a net-IRR to the investors of approximately 19% and a 1.6x equity multiple.