JACKSONVILLE, FL — Topaz Capital Group, headquartered in New York City, has acquired The Plaza Apartments, a 281 unit apartment complex in the University Park area of Jacksonville. The deal was brokered in an off-market transaction by Greg Rainey and his team from Berkadia.
The property was built in 1974 and has a mix of 1BR, 2BR, and 3BR units that feature full appliances, oversized closets, and many other amenities. Community-wide features include two laundry facilities, a swimming pool, and three grilling station gazebos.
Topaz plans to invest $2 million to upgrade the property and is in the process of rebranding it as Topaz Plaza JAX. Upgrades will include updating all interiors and common areas, including pools and recreational areas. A fenced-in dog park and a playground will also be added. Arbor Realty provided the Fannie Mae loan. The Seller was not disclosed.
So far this year, Topaz Capital has acquired more than 1,000 units of multifamily in markets throughout the Southeast, Midwest, and Northeast, the U.S. and has stated it has plans to expand its portfolio further in 2020. Marc A. Hershberg, Managing Partner & CEO of Topaz Capital states “this is merely another testament to our ambitions of becoming a household name in the multifamily sector and aggressively continuing to amass a multifamily portfolio nationwide thanks to our strategic partners and local/ regional operators.”
If you are interested in learning more about Topaz Capital Group, visit their website at TopazCG.com
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