North FL Community Trades for $36M | Multi-Housing News

JACKSONVILLE, Fla. and TAMPA, Fla. – April 3, 2019 – Berkadia announced today the sale and financing for Mandarin Apartments, a 401-unit garden-style multifamily property in Jacksonville, Florida. Director Greg Rainey of Berkadia’s Jacksonville office and Managing Director Jason Stanton of Berkadia’s Tampa office completed the sale on behalf of the seller, Florida-based InvestRes. The buyer was Florida-based Kimball Key, LLC, and the deal closed on March 15.

Senior Director Justin Ownby of Berkadia’s Tampa office also secured a 10-year adjustable rate Freddie Mac loan for the property on behalf of the buyer.

“This disposition provides yet another example of a first-time Jacksonville buyer entering the market,” said Rainey. “Fundamentally, North Florida has shown no signs of slowing, and we are excited by the positive impact these value-add investors are bringing to the community.”

“Mandarin Apartments created a great opportunity for the buyer to purchase a value-add asset in a very desirable sub-market of Jacksonville,” said Ownby. “It was also a challenge going from contract to close in 33 days, but we were able to leverage our resources for a quick and smooth closing.”

Located at 3200 Hartley Road, the property features one-, two- and three-bedroom floor plans with vinyl wood flooring, walk-in closets and modern fixtures. Community amenities include two swimming pools, two laundry care centers, a picnic and grill area, a fitness center, a playground and a sports court. Residents are also afforded convenient access to the Mandarin Museum and Historical Society, Jacksonville International Airport, Interstate 95, Interstate 295 and Adventure Landing.