Interwest Capital Sells Jacksonville Community for $36M

Built in 1989, the asset previously traded for $22.3 million.

Interwest Capital has sold Westwood Apartments, a 256-unit garden-style community in Jacksonville, Fla. A joint venture of Jacksonville Housing Authority and Integral Florida picked up the asset in a $35.9 million deal, according to Yardi Matrix. Berkadia’s Senior Director Greg Rainey represented the seller.

The property last traded in 2019 for $22.3 million, according to Yardi Matrix data. That deal was backed by a $17.2 million Fannie Mae CMBS loan originated by Berkadia, the same source shows.

The property came online in 1989 and includes one-, two- and three-bedroom floorplans ranging between 778 and 1,300 square feet. Westwood Apartments has renovated kitchens and bathrooms, along with washer and dryer hookups in all units. Community amenities comprise a fitness center, clubhouse, swimming pool and tennis court.

The new owners plan to upgrade the heating and air conditioner units, appliances, flooring, stairways, roofing and the pool. Roughly $20,000 will be spent per unit in renovations, according to Jax Today.

Located at 1171 S. Lane Ave., the community is less than 2 miles from Interstate 10 and some 3 miles from Interstate 295. Significant employment hubs such as Cecil Commerce Center, Naval Air Station Jacksonville and St. Vincent’s Riverside Hospital are within a 20-mile radius. Residents have access to numerous dining options along the nearby Normandy Boulevard, including a McDonald’s and a Burger King. West Side Plaza shopping center is less than a mile away, with tenants such as Bodegon, Ollie’s and Dollar General.

Jacksonville’s growing need for affordable housing

Jacksonville has an inventory of 20,000 affordable housing units, according to Yardi Matrix data, while Jacksonville Housing Authority owns 2,311 public housing units and 1,000 affordable housing units, Jax Daily Record reported.

To qualify for Jacksonville’s affordable housing program, applicants need to earn 80 percent or less of AMI, which translates to roughly $70,000 for a four-person household, Jax Today shows. The city’s waiting list contains over 160,000 applicants, according to News 4 Jax.

Another Jacksonville-area affordable project broke ground recently in St. Augustine. Developed by Ability Housing, Villages of New Augustine will encompass 92 units across four three-story buildings.

You May Also Like