Fogelman Increases Jacksonville Footprint
Gamma Real Estate sold the 268-unit Class A community for more than $40 million, with Greystone providing acquisition financing to the buyer.
Gamma Real Estate has sold Reserve Bartram Springs, a 268-unit Class A community in Jacksonville, Fla., for $40.7 million to Fogelman Properties, according to Yardi Matrix data. Greystone provided $5 million in Fannie Mae acquisition financing to the buyer, which also assumed a $23.5 million Fannie Mae loan. Both mortgages mature in 2026.
Located at 14951 Walden Springs Way in Jacksonville’s Bayard submarket, the luxury property is near the Philips Highway, 22 miles southeast of downtown. Two retail centers operate 5 miles north of the community, close to the Baptist Medical Center South.
Reserve Bartram Springs contains a mix of one-, two- and three-bedroom apartments, with floorplans ranging between 726 and 1,643 square feet. Community amenities include a swimming pool, fitness center, business center and playground. As of October, the asset was 92.5 percent occupied.
In August, Fogelman Properties purchased a 312-unit multifamily asset on the other side of the metro as part of a $67 million transaction.
Image courtesy of Yardi Matrix