Florida Apartment Community Sells for $66 Million

Berkadia recently revealed that it has arranged the sale and financing of Topaz Villas, a 444-unit multifamily community in Jacksonville. Director Greg Rainey of Berkadia Jacksonville, along with his team, arranged the sale on behalf of the sellers, Topaz Capital Group and The Lynd Company.

Senior managing director Mitch Sinberg, managing director Brad Williamson and associate director Wesley Moczul of Berkadia Florida arranged the financing on behalf of ROI Capital Group, which acquired the property for $66 million with a $53 million loan. Topaz Villas will be rebranded by new ownership immediately upon takeover of the asset.

The lender, Voya Investment Management, provided the full-term, three-year, floating-rate loan with extension options and interest only. The loan includes $47.72 million in initial funding and $5.28 million in future funding for capital improvements.

“Topaz Villas is yet another great example of the continued investor appetite for well-located assets in Jacksonville. We are excited to execute for our Seller in a fluid market and can’t wait to see what improvements the Buyer has in store for the community,” Rainey said.

“Located in the heart of Jacksonville, Topaz Villas is well positioned for growth and offers immediate access to an abundance of local shopping, dining and entertainment that will attract and accommodate the growing tenant base,” Williamson added.

Located at 5327 Timuquana Rd., Topaz Villas offer one-, two- and three-bedroom apartments that range from 500 to 1,400 square feet. Individual units feature fully equipped kitchens, private backyards, and washer and dryer connections. Community amenities include two swimming pools, a fitness center, a bark park, a playground, one tennis court and 24-hour emergency maintenance.

Topaz Villas is located at Ortega Farms, a suburban neighborhood along the Ortega River with easy access to I-295 and close to the Naval Air Station Jacksonville and is 25 minutes away from Downtown Jacksonville.

Source link

Sharing Is Caring:

Leave a Comment