Jacksonville Portfolio Changes Hands

Southeast Property Group has purchased a portfolio comprising a pair of multifamily assets totaling 328 units in Jacksonville, Fla., from The Chetrit Group. The buyer landed a $21.2 million bridge loan secured by Berkadia and originated by The Bancorp. With this deal, Chetrit disposed of its last Jacksonville assets, according to Yardi Matrix data.

Senior Managing Director Mitch Sinberg, alongside Managing Directors Matthew Robbins, Brad Williamson, Scott Wadler, and Associate Director Wesley Moczul secured the loan on behalf of the buyer.

The properties, described by Robbins in prepared remarks as being “in a distressed state”, are set to see sunnier days. The new owner will rebrand the assets, with a $9.6 million portion of the three-year fixed-rate loan earmarked for capital expenditures.

Completed in 1969, Colonial Forest encompasses one- to three-bedroom floorplans ranging from 670 to 1,219 square feet divided among 21 buildings across more than 4 acres. Located at 5928 Firestone Road, just off Interstate 295, with employers such as Fleet Readiness Center Southeast and Jacksonville Naval Air Station being less than 8 miles away. Units feature walk-in closets, as well as private patios or balconies. Community amenities include a swimming pool, a playground, a laundry facility, a picnic area and carports.

Residential sales are down in Jacksonville

Located 8 miles north of downtown Jacksonville, in proximity of employers such as Baptist Health and Bank of America, Northwood Apartments came online in 1975. The community comprises one-, two- and three-bedroom units ranging between 567 and 1,128 square feet spread. A total of 10 buildings cover more than 8 acres. Apartments comprise new appliances, cabinetry, fully-equipped kitchens and vaulted ceilings. Community amenities feature a swimming pool, a clubhouse, a playground and laundry facilities.

Northwood is also some 4 miles away from Hidden Oaks, a 64-unit multifamily community, that traded for $6 million when Measured Capital purchased it from Key Haven Partners.

In 2023 the metro’s total residential transaction volume was down by more than half compared to 2022, according to Yardi Matrix data. There were only two asset classes that recorded an increase in sales between these two years: the upper mid-range showed a slight bump, while the fully affordable class was the only one to register a significant jump in deal volume.