North FL Affordable Housing Portfolio Changes Hands for $51M
The portfolio includes four communities totaling 768 units across three of Jacksonville’s submarkets. The new owner, Millenia Housing Management, plans to invest $40 million in capital improvements.
Millennia Housing Management has acquired a four-community, 768-unit multifamily portfolio in Jacksonville, Fla., for $51 million, according to Yardi Matrix. The seller, Global Ministries Foundation, had acquired the four assets in late 2012 for $26.4 million.
The Jacksonville Housing Finance Authority issued two series of multifamily revenue bonds totaling $81.6 million to the buyer. Millennia Housing Managemen plans to invest $40 million into significant capital improvements across the portfolio, according to the Jacksonville Daily Record. The Bank of New York Mellon is serving as the trustee for the financing package.
The first two properties, the 200-unit Calloway Cove and the 94-unit Weldon Apartments, are situated in Jacksonville’s Dinsmore submarket. Palmetto Glen, the third asset, is located in South Jackson, while the largest of the four, the 400-unit Valencia Way Apartments, is in the city’s Cedar Hills submarket.
The properties were constructed between 1957 and 1971 and contain a mix of one-, two- and three-bedroom apartments. Floorplan sizes range from 675 to 972 square feet.
In October, a 96-unit affordable senior living community opened its doors 20 miles southwest of Jacksonville.
Images courtesy of Yardi Matrix
