Berkadia secured financing for the acquisition of Colonial Forest and Northwood Apartments, two garden-style multifamily properties with a combined 328 units located in Jacksonville. Both complexes have been the subject of numerous news stories reporting on the condition of the properties. The properties cost a total of $20.3 million.

Southeast Property’s Joe Rubin added, “We are very excited to have had the opportunity to purchase both assets at below-market pricing. We’re looking forward to improving not just the look of the properties, but the overall community for the immediate area as well as for the City of Jacksonville.”

Berkadia secured a $21.15 million bridge loan on behalf of Southeast Property. The fixed-rate, three-year loan includes $9.6 million for future capital expenditures. 

Built in 1969, Colonial Forest is located at 5928 Firestone Road. Built in 1975, Northwood Apartments is located at 1601 Dunn Avenue, just north of Downtown Jacksonville. The Chetrit Group was the seller.