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.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.