Fairstead Buys Jacksonville Asset for $15M
The seller provided the new owner of the 149-unit community with $11.1 million in acquisition debt.
Fairstead has entered the Jacksonville, Fla., metro with the purchase of Beachwood, Yardi Matrix data shows. The new owner paid $14.5 million for the 149-unit community. The seller, BMLR Properties, provided $11.1 million in bridge financing for the buyer.
Located 11 miles from downtown Jacksonville at 2901 Beachwood Blvd., the community is on the western edge of Florida State College at Jacksonville’s south campus and some 2 miles from University of North Florida. The property is within a mile of Interstate 295 and near several retail and dining options.
Completed in 1972 on a nearly 10-acre site, the asset has one-, two- and three-bedroom floorplans, with 75 percent of its apartments reserved as affordable units. Amenities at the 59 two-story buildings include a pool, spa and community room.
At the beginning of September, Fairstead received a $30 million loan to refinance the 144-unit Woodside Gardens in Annapolis, Md. Senior Managing Director Matthew Napoleon from Berkadia arranged the debt on behalf of the owner.