Berkadia Closes Sale of Viera at Mandarin in Jacksonville
Kansas City, Mo.-based Maxus Realty Trust Inc. acquired the apartment community from Covenant Capital Group for $17.6 million.
By Robert Demeter
Jacksonville, Fla.—Berkadia recently closed the sale of Viera at Mandarin, a 188-unit community in Jacksonville’s Greenland submarket for $17.6 million, or $93,617 per unit ($102 per square foot). The buyer was Kansas City, Mo.-based Maxus Realty Trust Inc., and the seller Covenant Capital Group, according to Yardi Matrix.
Greg Rainey, associate director in Berkadia’s Jacksonville office, Managing Director Cole Whitaker of Orlando, Senior Director Tal Frydman of Boca Raton, and Jason Stanton, senior director of the Tampa office facilitated the sale.
According to Yardi Matrix, Grandbridge Real Estate Capital arranged a $12.5 million CMBS loan through KeyBank for Maxus Realty, with a 3.51 percent fixed-interest rate on a seven-year term, ending in March 2022.
“With the influx of recent job announcements in northeast Florida, we are beginning to see more investors target Jacksonville as an opportunity to gain a foothold in an emerging market. The buyer in this transaction saw an opportunity to grow their presence in Jacksonville by investing in one of the more highly sought-after submarkets in the city,” said Rainey in a prepared statement.
Built in 1984, Viera at Mandarin consists of 17 two- and three-story buildings featuring one- and two-bedroom residences with four unique floor plans averaging 915 square feet. Interiors are equipped with granite countertops, in-unit washer/dryer units, a private patio or balcony and ample storage space. Select units also include an open floor plan with vaulted ceilings and fireplaces. Community amenities include an indoor fitness center, a swimming pool, a 21-acre lake with fountains, deck and boat storage, as well as 360 parking spaces. The property is currently managed by Maxus Properties.
Viera at Mandarin is located at 4263 Losco Road, offering convenient access to Old St. Augustine Road and Interstate 295. To the west, across the St. Johns River, is the Naval Air Station Jacksonville and downtown Jacksonville is less than 20 minutes northwest.
Photo courtesy of Berkadia