Olympus Property Pays $98M for Jacksonville Asset
The Federal Home Loan Mortgage Corp. provided $63.4 million in acquisition financing.
Olympus Property has acquired Presidium Town Center, a 370-unit luxury multifamily community in Jacksonville, Fla. The asset changed hands for $97.5 million and the sale involved a 10-year, $63.4 million loan from the Federal Home Loan Mortgage Corp., according to Duval County records.
The property was previously owned and developed by Presidium Group, Yardi Matrix data shows. The firm broke ground on the project in 2019, financing its construction with a $40.8 million loan from Truist Bank.
Completed in 2021, the community comprises eight buildings which incorporate one-, two- and three-bedroom floorplans ranging from 671 to 1,534 square feet. Apartments feature smart home technology, ceiling fans and private garages, along with in-unit washers and dryers and private balconies or patios for select layouts. Common-area amenities include a swimming pool, two-story fitness center, yoga studio, clubhouse, pet park and spa, car wash area and juice bar.
Located at 7738 A. C. Skinner Parkway, the property is near J. Turner Butler Boulevard and close to Interstate 95, as well as roughly 10 miles south of downtown Jacksonville. It is also less than 2 miles from the Ascension St. Vincent’s Southside Hospital. The surrounding area has various retail and dining options, including the St. Johns Town Center shopping mall.
Jacksonville’s decelerating multifamily market
Following national trends, Jacksonville has seen a sharp drop in investment activity since the end of last year, due to both seasonal slowdown and increased cost of debt. The per-unit price decreased significantly reaching less than half of the national average at $101,442, a recent Yardi Matrix report shows.
Activity was mostly concentrated in three southeastern submarkets. Deerwood Club, in which Presidium Town Center stands, ranked second with a $158 million transaction volume throughout the 12 months ending in February 2023, the same source shows.