MIAMI, FL - Berkadia announced today the sale and financing of Promenade Park Avenue, a 105-unit, garden-style multifamily property in Orange Park, Florida. Senior Managing Director Cole Whitaker of Berkadia’s Orlando office and Director Greg Rainey of Berkadia’s Jacksonville office led the $10.55 million sale on behalf of the seller, New York-based Quad Property Group. The seller acquired the property for $6.74 million in December 2017.
“Promenade Park Avenue presents this buyer with an opportunity to continue an already proven value-add strategy while capitalizing on its solid location,” said Greg Rainey.
Promenade Park Avenue was built in 1974 and features 105 renovated and non-renovated units, a swimming pool, and in-unit washer dryer connections in all two-bedroom units. Located at 606 Park Avenue, the property affords convenient access to I-295 with frontage on Park Avenue (66,000 AADT), and is proximate to Orange Park Medical Center and NAS Jacksonville.
About Berkadia: Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.