Jacksonville, Fla. (Oct. 25, 2017) – Berkadia announces it brokered the sale of a three-property portfolio of multifamily assets located in Jacksonville, for $27.87 million. The buyer, Infinity Acquisitions LLC, purchased the 593-unit portfolio from Nova Eagle. South Florida Senior Director Tal Frydman, along with Jacksonville Director Greg Rainey and Orlando Managing Director Cole Whitaker, represented the seller in the transaction.
The properties in the portfolio are:
- Reserve at Water’s Inlet, a 205-unit community located at 6100 Arlington Expressway
- Magnolia I, a 276-unit community located at 2045 Jammes Road
- Magnolia II is a 112-unit community located at 2401 Jammes Road
“This Portfolio provided the Buyer an opportunity to gain a substantial footprint in a rapidly growing Jacksonville market,” said Rainey. “As the fundamentals in Jacksonville continue to strengthen, the Berkadia Florida team has brought first-time Jacksonville buyers to the closing table on multiple occasions. The vison that these new buyers have for their newly acquired communities in Jacksonville is exciting, and I think we will continue to see big changes throughout the Jacksonville communities in the near future.”
According to Berkadia’s Q3 2017 Multifamily Report for Jacksonville, apartment occupancy for the metro area stands at 95.1 percent – up 40 basis points, year over year.
Built in 1970, Reserve at Water’s Inlet features one- and two-bedroom apartments throughout several two-story buildings. Amenities include high speed internet, laundry facilities, fitness center, business center, and pool.
Magnolia I, built in 1965, boasts 276 apartments. The community offers one-, two-, and three-bedroom units throughout various two-story buildings. The suite of amenities includes barbeque/picnic areas, clubhouse, internet access, on-site laundry facility, and swimming pool.
Built in 1973, Magnolia II is a 112-unit apartment community, offering one- and two-bedroom units throughout several two-story buildings. Amenities feature laundry facilities, 24-hour security camera monitoring, swimming pool and playground.