Marcus & Millichap Arranges Sale of J-Ville Community
Thoroughbred Property Management sold Tradewinds Apartment Homes for $3.8 million to a private investor.
By Robert Demeter
Jacksonville, Fla.—Marcus & Millichap announced the sale of Tradewinds Apartment Homes, an 85-unit apartment community located in Jacksonville. The asset sold for $3.8 million, or $45,238 per unit.
Megan Johnson, associate in Marcus & Millichap’s Jacksonville office, along with Nicholas Meoli and Michael Donaldson, both vice presidents of investments in the firm’s Tampa office, marketed the property on behalf of the seller, Thoroughbred Property Management. The same team also secured and represented the buyer, Sun Co Lin, in the transaction.
“Through our national marketing campaign we generated 14 offers from investors throughout the country and ultimately closed with a 1031-exchange buyer,” said Johnson in a statement.
Tradewinds Apartment Homes is a garden-style community situated on 2.32 acres at 5717 Timuquana Road. The asset consists of 12 two-story buildings with one- and two-bedroom residences averaging approximately 713 square feet, according to Yardi Matrix. Property amenities include laundry facilities, 150 parking spaces and a swimming pool.
“Tradewinds Apartments Homes represented an excellent opportunity to acquire a favorable in place return with a value add component,” added Meoli. “The buyer intends to capitalize on below market rents by implementing strategic interior and exterior renovations,” concluded Donaldson.
Photo courtesy of Yardi Matrix