Investors pay $13M for Timberwood Trace apartments

Jacksonville Business Journal

A group of investors has paid $13 million for the Timberwood Trace apartment complex

The investors, Fair Ave. Delaware LLC and 301 W. Mountain View Delaware LLC, acquired the property at 12250 Atlantic Blvd. from Flournoy Properties Co.

Timber Trace is a 224-unit community. Eleven of those units are one-story garden apartments and the balance are two-story townhouses. All the units have three bedrooms and two-and-a-half baths and are leased for $815 per month. Amenities at the community include a swimming pool, basketball court, volleyball court, two playgrounds and a tot lot.

Hediger Enterprises Inc. is the managing agent of the property. President and CEO Gary Hediger said his company manages five properties in Florida owned by the same group of investors, one of which is Hillwood Pointe Apartments on McCormick Road in Jacksonville.

The Encino, Calif. investor group and Hediger's company, based in Greenville, S.C., are looking for other properties in Jacksonville.

"Nothing's on the list right now," Hediger said, "but we think Jacksonville is a good market, and a forward thinking city."

Flournoy is a development, construction and management company based in Columbus, Ga. The company manages over 10,000 units throughout the Southeast and Midwest. A representative from the company did not return phone calls but the company's Web site listed two properties in Jacksonville, the Forest Lake Apartments and Pinewood Pointe.