JACKSONVILLE, FL - Broadshore Capital Partners, in joint venture with an investment client, announced that it has acquired the 280-unit Victoria at Orange Park apartment community in Jacksonville, FL, for $37.1 million. This is the first transaction through a new programmatic real estate investment joint venture focusing on equity and debt investments.
The new venture is targeting value-add opportunities in multifamily, such as Victoria at Orange Park, and other commercial properties. Over the next 30 months, the venture plans to make equity and debt investments ranging in size from $35 to $75 million, in approximately 8 to 12 properties. Broadshore is specifically targeting multifamily properties that will benefit from improved management and capital investments.
“Victoria at Orange Park is an example of a value-add multifamily investment that meets the criteria for our new joint venture. Broadshore’s team applied its expertise in multifamily investments, built over more than 30 years of investing in markets across the United States, to identify, evaluate and secure this opportunity,” said Brad Howe, co-CEO, Broadshore, a national real estate investment and advisory company.
Victoria at Orange Park offers 280 units, configured as one- and two-bedroom floorplans, in 13 low-rise buildings set across 20 acres of manicured open space with abundant amenities including a resort-style pool and clubhouse. Broadshore plans a program of capital improvements to update individual residences as well as communal spaces. Built in 1986, the property has undergone periodic renovations, which the joint venture will build on, advancing unit improvements such as new appliances, flooring and fixtures, along with screening in porches, to bring them up to today’s modern standards and align with the demands in the community. Further, the property’s amenities and common areas will be refreshed with updates to the fitness center, opening of a business center, new furniture and fixtures for outdoor and indoor gathering spots, as well as investment in property infrastructure.
Located at 1710 Wells Road, Victoria at Orange Park has high visibility on this busy commercial corridor and provides residents easy access to the area’s mix of retail and restaurants and the Orange Park Mall. The property also is convenient to major area thoroughfares connecting to downtown and the airport.
“We are aware that many transactions in today’s turbulent market have either been cancelled or put on hold. The fact that we are proceeding with this acquisition speaks to the strong conviction we have about the market and this opportunity, as well as the integrity of our firm and our focus on honoring our commitments,” stated Howe.