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Broadshore Buys Jacksonville Value-Add Apartment Property for $37M
Los Angeles-based Broadshore Capital Partners acquired Victoria at Orange Park in Jacksonville for $37.1 million. The apartment community offers 280-units in 13 low-rise buildings, set across 20 acres with amenities including a resort-style pool and clubhouse.
Broadshore plans a program of capital improvements to update individual residences as well as communal spaces. The property at 1710 Wells Rd. is configured as one and two-bedroom floor plans. It was built in 1986, and has undergone periodic renovations.
This is the first transaction through a new programmatic real estate investment joint venture focused on equity and debt investments. The new venture is targeting value-add opportunities in multifamily and other commercial properties. Over the next 30 months, the venture plans to make equity and debt investments ranging in size from $35 to $75 million, encompassing roughly eight to 12 properties.
Broadshore’s Brad Howe says, “Victoria at Orange Park is an example of a value-add multifamily investment that meets the criteria for our new joint venture.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
