Real Property Management (RPM) Sunstate, a leading property management firm specializing in residential and multifamily properties, is proud to announce its newest managed property. RPM Sunstate worked closely with the broker Mathews Real Estate Investment Services to help the new owner, Murray Hill Village LLC (an affiliate of Lone Moon Capital), successfully locate, underwrite, and acquire the asset, with the deal closing on August 28, 2024.
Murray Hill Gardens, now renamed Murray Hill Village, consists of 48 one-bedroom units and eight two-bedroom units across four buildings. The apartment complex, which maintains a 95% occupancy rate, represents a significant value-add opportunity for the new owners. RPM Sunstate will oversee comprehensive renovations aimed at enhancing the property’s appeal, driving tenant retention, and increasing operational efficiencies.
Strategic Value-Add Plan for Murray Hill Village
Under RPM Sunstate’s management, Murray Hill Village will undergo a series of upgrades designed to modernize the units and increase the property’s net operating income (NOI). Planned improvements include new fixtures, updated flooring, fresh paint, and a complete appliance package for each unit. These enhancements aim to make the property more competitive in the rapidly developing Murray Hill neighborhood.
“We’re excited to manage this property and implement a value-add strategy that will not only increase its desirability but also contribute to the community’s growth,” said Zac Turman, Director of Multifamily Acquisitions at RPM Sunstate. “By working closely with Matthews Real Estate, we were able to help the owner underwrite this property, and now we will focus on increasing its value through targeted renovations, aggressive leasing efforts, and operational efficiencies.”
Murray Hill Neighborhood: A Growing Hub for Investment
Murray Hill is an increasingly popular neighborhood in Jacksonville, known for its artistic community, unique local businesses, and strong cultural presence. The area has experienced rapid growth in recent years, with both single-family and multifamily properties undergoing renovations. This makes it an ideal location for real estate investments aimed at capitalizing on the area’s upward trajectory.
“The Murray Hill submarket continues to evolve into one of Jacksonville’s most dynamic neighborhoods,” said William Bruce, Associate at Matthews Real Estate Investment Services. “With a growing number of investors rehabilitating properties and new businesses setting up shop, this acquisition positions the new ownership group to benefit from the area's ongoing transformation.”
Plans to Increase Property Value and Tenant Retention
RPM Sunstate will not only oversee renovations but will also focus on improving tenant retention through enhanced property management practices. The management team plans to integrate cutting-edge marketing techniques and streamlined tenant communication strategies to attract and retain high-quality tenants. With the planned improvements, RPM Sunstate expects to drive occupancy rates close to 100% while maintaining competitive rental rates.
“We believe that our management approach, combined with strategic renovations, will result in a significant increase in the property’s NOI and long-term value,” added Turman. “Our goal is to create a well-managed, appealing living space that enhances the lives of the tenants while generating strong returns for the owner.”
About RPM Sunstate
RPM Sunstate is a full-service property management firm serving Jacksonville, Orlando, and Palm Beach County. Specializing in multifamily, single-family, and commercial properties, RPM Sunstate is dedicated to helping property owners maximize their investments through strategic property management, tenant retention, and operational efficiency.
For more information on RPM Sunstate’s property management services, visit their website.
Meta: RPM Sunstate partners with Matthews Real Estate to manage Murray Hill Village, a 56-unit complex in Jacksonville, FL, focusing on renovations and rental income growth.
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Company Name: RPM Sunstate
Contact Person: Marcus Phillips
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Country: United States
Website: https://www.rpmsunstate.com/
