PRC Advises on RAS’s Acquisition of Class A Apartment Complex in Nassau’s Wildlight Community

Bethesda, MD, March 4, 2021

RAS Property Group of Boca Raton announced its off-market acquisition of The Lofts at Wildlight, a brand new 279-unit apartment garden style apartment complex in the Wildlight master planned community located 20 minutes north of downtown Jacksonville, Florida. RAS acquired the asset for $55.8 million.

The Property is comprised of 279 brand new, class A garden apartments in five buildings and offers upscale one-, two and three-bedroom apartments with modern finishes, spacious living areas, fully- equipped kitchens and an open design. Resort-style community amenities include a pool with sundeck, outdoor dining spaces, a 24-hour fitness center and more. The Property is part of the 2,900-acre Wildlight master planned community in the Nassau County submarket of Jacksonville. Upon completion, Wildlight will offer 7 million square feet of office, commercial, medical, industrial and residential space.

“The Lofts at Wildlight acquisition is part of our strategy to invest in multifamily properties in growth-oriented markets throughout the Southeast,” said Thomas Gurney, Managing Partner of RAS. “We seek out quality, well-located properties where we know we can drive returns regardless of the overall market momentum.”

Phillips Realty Capital Managing Director Adam Bieber advised RAS on capitalization of the property.

“The Lofts at Wildlight has clear potential to lease up quickly under RAS’s leadership,” said Bieber. “RAS has an eye for spotting diamonds in the rough and the expertise to seize on those opportunities. Their reputation for consistently producing above-average returns puts them in a unique position to source and close off-market deals like this, despite the pandemic.”

RAS is actively considering other investment opportunities that meet its investment guidelines in the Jacksonville.

About RAS Property Group & RAS Realty Partners

RAS Realty Partners is a real estate investment and development company headquartered in Boca Raton, Florida. RAS Realty brings more than 130 years of collective experience in commercial and residential real estate to every opportunity, specializing in the acquisition, development and operation of multi-family properties across the United States. RAS Property Group is a specialized real estate opportunity fund manager and value-add investor serving institutional clients. The firm focuses on creating diversified portfolios of well-located, quality Class A & B middle market properties at a low-cost basis. Not relying on market momentum to boost value gains, RAS looks to take advantage of market distress and mispriced assets that produce current cash flow. The company is known for its highly-experienced team of innovative investment executives who collaborate closely to execute the firm’s carefully defined investment strategy focused on buying well. For more information, visit rasrealtypartners.com.

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