By Robert Demeter
Jacksonville–JMG Realty Inc. recently acquired Florida Club at Deerwood, a 180-unit apartment community located in Deerwood Park, through a joint venture partnership. According to Yardi Matrix, the property was acquired for $24.8 million, with Fannie Mae providing an $18.4 million loan with a 10 year maturity date. Archon Group represented the seller.
Built in 2008, the community consists of five three story buildings with 1,221-square-foot two- and 1,375-square-foot three-bedroom apartments featuring above standard ceiling height, black appliances, ceramic tile flooring, custom cabinetry, walk-in closets, contemporary lighting fixtures and private patios and balconies. Community amenities include swimming pool, pergola with outdoor grill, clubhouse, multimedia room with theatre-style seating, fully-equipped fitness center, park area, garages and 306 parking spaces.
The unit interiors of Florida Club at Deerwood offer strong core features, which were further enhanced through an interior renovation program. The addition of cutting edge finishes such as granite countertops, stainless steel appliances, tile backsplashes and wood flooring has allowed the property to directly compete with other properties in the surrounding market area. Exteriors of the buildings and the common areas have also been upgraded.
According to Yardi Matrix, the property is 95 percent occupied, with median rents varying from $1,310 for a two-bedroom and $1,475 for a three-bedroom unit. Florida Club at Deerwood is currently managed by the owner, JMG Realty.
Situated on 10 acres at 4890 Florida Club Circle, in one of the most sought after neighborhoods in the Jacksonville area, Florida Club at Deerwood is conveniently located near shopping, dining, and recreation options. The apartment community is less than three miles from the vibrant St. Johns Town Center and The Markets at Town Center, which together offer 1.7 million square feet and over 180 stores and restaurants.
Adding to the desirability of its location, the property is located in the heart of the Southside office market, Jacksonville‘s largest suburban employment hub. With over 72,000 employees, Deerwood Park’s employment base is more than double the size of the metro’s second largest suburban employment hub. Spread proportionately amongst thirteen separate business sectors, the submarket’s strong economic foundation is further cemented through a diverse set of employers including four Fortune 500 and four Fortune 1000 companies. Residents are also within an easy 25-minute commute to downtown Jacksonville, Jacksonville NAS, Mayport Naval Station, Jacksonville International Airport and the Atlantic beaches.
JMG is a real estate investment firm headquartered in Atlanta. The firm provides redevelopment, financial and investment, and management services for multifamily real estate, including conventional and student housing, for both private and institutional owners. The firm currently manages over 2.4 billion in assets and 25,000 units nationwide.