Koda Capital Pays $31M for Jacksonville Asset
NAI Hallmark brokered the deal on behalf of both parties.
Koda Capital has purchased River City Landing Apartments, a 320-unit community in Jacksonville, Fla., for $30.9 million. The seller, Toro Real Estate Partners, had acquired the property in 2019 for $25.6 million, according to Yardi Matrix data. NAI Hallmark brokered the current deal on behalf of both parties.
Built in 1968, River City Landing consists of nine two-story buildings which incorporate one-, two- and three-bedroom floorplans ranging from 850 to 1,250 square feet. Community amenities include a playground, a pet park, two swimming pools, five laundry facilities, barbeque pavilions and multiple sports courts, as well as a clubhouse and 700 parking spaces.
Located at 2681 University Blvd. N., the 23.8-acre property is directly across from Jacksonville University and roughly 6 miles from downtown Jacksonville. River City Landing has direct access to Interstate 295 providing commute options to the metro’s large employers such as the Naval Air Station or the Mayo Clinic. The community’s surroundings include various dining and retail options.
NAI Hallmark Senior Vice President John Rutherford, Vice President Luke McCann and Associate Andrew Tyrell led the team that facilitated the transaction. Rutherford and McCann also arranged the recent sale of another Jacksonville community.