Douglas Management acquires Jacksonville resi property for $32.5m

Douglas Management & Realty Inc. purchased a 324-unit garden style residential property in Jacksonville, North Carolina, for $32.5m. Community amenities include a 24-hour fitness center, saltwater pool and bathhouse, a game room, two dog parks, outdoor grilling stations and a business center. Berkadia represented the seller, Place Properties. “Arlington West matches the buyer’s appetite for well positioned class B and A assets in secondary markets,” said David Hudgins of Berkadia. “This property has a history of excellent performance and stands as a strong light value-add play moving forward.”