LIV Development Offloads FL Asset
The buyer, Myers Apartment Group, picked up the newly built 260-unit property for more than $50 million prior to the asset’s stabilization.
Myers Apartment Group has purchased Portiva, a newly constructed 260-unit luxury community in Jacksonville, Fla. The property was acquired for $50.7 million from LIV Development, prior to the asset’s stabilization. The asset welcomed its first residents in April, according to Yardi Matrix, approximately two years after construction began in May 2016.
Myers utilized a $36.2 million Fannie Mae Near Stabilization Execution acquisition loan to finance the purchase. A Berkadia team led by Senior Managing Director Mitch Sinberg, secured the 12-year, fixed-rate mortgage on behalf of the buyer.
Located at 6898 Skinner Parkway in Jacksonville’s Deerwood Club submarket, the four-story building is positioned near the intersection of Interstate 95 and J. Turner Butler Boulevard, 8 miles from downtown. More than 15 hotels fall within a mile of the asset and the nearby Philips Highway retail corridor offers a wide variety of dining and shopping options.
The community consists of one-, two- and three-bedroom units, with floorplans containing between 752 and 1,485 square feet. On-site amenities include a salt water pool, a pet park, a car wash station, complimentary bike sharing, a fitness center and free Wi-Fi in common areas.
Image courtesy of Berkadia