DeBartolo Picks up Jacksonville Community for $59M
The property came online last year.
DeBartolo Development LLC has bought Eight Winds, a 280-unit upscale community in St. Augustine, Fla., from Altis Cardinal LLC. The property traded for $59 million or $198.37 per square foot, according to Yardi Matrix information. Goldman Sachs originated a $55 million acquisition loan on behalf of the buyer, the same data provider shows.
Eight Winds came online last year at 50 Wexford Way, within the St. John County submarket. Located near Interstate 95, the community is 29 miles south of Jacksonville.
The property features 297,428 square feet of rentable space across seven buildings sitting on a 12-acre site. Residences have one-, two- and three-bedroom floorplans that range in size from 707 to 1,248 square feet. Shared amenities include a heated pool, a fitness center and pickleball courts, as well as outdoor lounge areas.
Managing Directors Cliff Taylor and Joe Ayers led the JLL Capital Markets Investment and Sales Advisory team that worked on behalf of the seller in the transaction.
February saw Jacksonville’s advertised asking rent rates drop to a negative 1.7 percent year-over-year, a recent Yardi Matrix multifamily report shows. The national rate gained $1 in February since the previous month, to reach $1,751, and marking a 1.2 percent increase year-over-year.
