JACKSONVILLE, FL – Cushman & Wakefield has arranged the sale of Arbor Place Apartment Homes, a 206-unit multifamily property in Jacksonville. Located in the fast-growing Southside submarket, the asset presents significant value-add opportunity for the new-to-market buyer.
Executive Managing Director Mike Donaldson and Executive Managing Director Nick Meoli with Cushman & Wakefield’s Florida Multifamily Investment Sales Team represented an undisclosed seller in the off-market transaction. The buyer is ROI Capital Group, an Israeli family office. Senior Director Chris Lentz with Cushman & Wakefield’s Equity, Debt & Structured Finance team facilitated financing on the buyer’s behalf.
Arbor Place, at 5800 Barnes Road S., is a two-story, garden-style community with a mix of one- and two-bedroom units. The average unit size is 850 square feet, and the average market rent is $768. The property was 95% occupied at the time of sale.
The community was built in 1970, and previous ownership recently renovated 54 of the units (approximately 26%) with black kitchen appliances, resurfaced countertops and wood-style vinyl flooring. Community amenities include two swimming pools with sundecks as well as a dog park, playground, covered firepit and outdoor fitness area.
“Arbor Place presents a tremendous value-add opportunity through the ability to raise rents by almost $300 through the completion of a comprehensive renovation program,” said Donaldson. “The buyer, who is new to the Jacksonville market, was drawn to the high rent and employment growth taking place in the area and saw a great opportunity to capitalize on a largely unrenovated property close to Interstate 95 and within minutes of major employment and Class A retail.”
“The buyer plans to significantly upgrade this asset, while building upon on some of the previous renovations, to bring it up to par with other upgraded communities nearby,” added Meoli. “We continue to see buyers gravitating to markets in North Florida where the price per unit and typical yield is perceived as more attractive than other major metros in the state.”
Cushman & Wakefield’s Florida Multifamily Team is directed by Robert Given and includes Donaldson and Meoli as well as Brad Capas in West-Central Florida; Jay Ballard and Ken Delvillar in Central Florida; and Zachary Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn and Perry Synanidis in South Florida. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance for the team throughout Florida.
About Cushman & Wakefield: Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.