New York-based Cyclone Investment Group, in a joint venture with Skywood Properties, has purchased a three-property multifamily portfolio totaling 842 units across Jacksonville, FL, for $96 million.

• Cross Creek Apartments, Manotak Avenue – 292 units in 29 buildings.

• Riverview Apartment Homes, Caravan Circle – 304 units in 21 buildings.

• The Columns, Laurina Street – 246 units in 29 buildings. 

CBRE represented the seller, Los Angeles-based Oro Capital Advisors; CBRE Capital Markets arranged the three-year bridge financing (80 percent of total costs, LIBOR floating rate loan) with Arbor Realty Trust on behalf of the buyer.

“The Jaguar Portfolio is an incredibly attractive opportunity for investors looking to gain an immediate foothold in one of the nation’s top rent growth markets,” said CBRE SVP Cliff Taylor.

Over the previous seven quarters, Jacksonville has ranked as the third highest market in the nation for multifamily rent growth, behind Phoenix and Tampa.

Photo: Cross Creek Apartments