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Jacksonville MF Community Trades for $55M
American Landmark Apartments and RSE Capital Partners acquired Eastport Apartments, a 440-unit multifamily community in Jacksonville as part of a joint venture for $55 million. The seller was not disclosed. Located at 11701 Palm Lake Dr., the property was built in 2008 and includes one-, two- and three-bedroom units. The property was 95% occupied at the time of sale.
RSE and American Landmark plan to implement $4.9 million in capital improvements throughout the property, including outfitting all units with subway tile backsplashes, new cabinets, lower kitchen bar tops, granite countertops with new sinks, stainless steel appliances, updated plumbing and lighting, USB power outlets and framed mirrors. Common area upgrades will include pool repairs, a package locker system, new pool furniture, renovated clubhouse and fitness center, upgraded landscaping, and new signage.
Mitch Sinberg, Matthew Robbins, Robert Falese and Matthew Cullison of Berkadia’s Boca Raton and Philadelphia offices secured a Freddie Mac Green Up loan on behalf of the joint venture.
For comments, questions or concerns, please contact David Cohen
- ◦Sale/Acquisition
