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ROI Capital Group has acquired Topaz Villas multifamily community in Jacksonville, FL for $66 million.

ROI Capital Group Closes on 444-Unit Jacksonville Multifamily for $66M

ROI Capital Group has acquired Topaz Villas, a 444-unit multifamily community in Jacksonville, FL for $66 million with a $53 million loan arranged by Berkadia.

Greg Rainey of Berkadia arranged the sale on behalf of the sellers, Topaz Capital Group and The Lynd Company, which sold the asset three years after acquiring it for $35.2 million.

The partnership invested approximately $5 million updating both living spaces and common areas. It renovated approximately 75% of the units, increasing average rents from $783 per month to $1,078 per month at the time of closing.

Mitch Sinberg, Brad Williamson and Wesley Moczul of Berkadia arranged a $53-million acquisition loan behalf of ROI Capital Group, which acquired the property for $66 million with a $53 million loan. 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,” said Rainey.

Topaz Villas is located at Ortega Farms, a suburban neighborhood along the Ortega River with easy access to I-295 and a 25-drive to Downtown Jacksonville.

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About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Sale/Acquisition
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