Newspaper article The Florida Times Union

Vestcor Unloads Three Area Apartment Complexes

Newspaper article The Florida Times Union

Vestcor Unloads Three Area Apartment Complexes

Article excerpt

Jacksonville-based Vestcor Companies recently announced the sale of three Jacksonville area apartment complexes to GMC Property Management, a local Jacksonville property management company. Terms were not released.

Vestcor sold Heather Ridge Apartments, Jennifer Green Apartments and Northwood Apartments.

The sale, which closed on Nov. 6, marked the end of Vestcor's nine-year ownership of Heather Ridge and Jennifer Green and 12-year ownership of Northwood Apartments.

Walchle Investment Group Inc. of Jacksonville Beach brokered the deal.

Heather Ridge is located at 6200 Barnes Road South in Jacksonville and Jennifer Green is located at 741 Park Ave. in Orange Park. Both properties have 120 units. Northwood is located at 1601 Dunn Ave. on Jacksonville's Northside and consists of 160 units. The three properties have swimming pools and playgrounds.

"We felt that this was the ideal time to sell these communities to maximize the return to our investors and to recycle our capital for future developments," said Barney Smith, chief financial officer at Vestcor. "All three communities were very well occupied and in sound physical condition. We are very proud of the performance of all three assets."

Vestcor owns and manages apartment communities in Northeast Florida. Specializing in real estate investment, development, construction, and property management, the company presently owns and manages over 10,000 apartment units and 118,000 square feet of commercial space throughout Florida and Texas.


Fortune magazine recently name David Weekley Homes of Dallas as one of the 100 Best Companies to Work for in 2000. The company, which builds in Jacksonville, was the only home builder to be included in the rankings for two consecutive years. The magazine acknowledged the company for providing more than 60 hours per year of training for employees, cultivating a sense of camaraderie among co-workers, offering quarterly profit-sharing bonuses, and treating employees to annual appreciation celebration.

In 1999, the celebration was held in Maui and in 2000 employees were invited to the Cayman Islands. …

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