Affordable Jacksonville Community Sells for $19M
- Sep 05, 2019
Starwood Capital Group has acquired Pine Meadows, a 224-unit affordable housing community in Jacksonville, Fla. Alden Torch Financial sold the multifamily asset for $18.6 million, according to Yardi Matrix data. The sale was also subject to a $11.8 million Freddie Mac acquisition loan originated by Newmark Knight Frank. The property last changed hands in 2017.
The community spans across 14.6 acres at 3451 Saland Way in the Southridge submarket. Pine Meadows is adjacent to Beach Boulevard and close to Interstate 295, with various shopping and dining options within walking distance. Downtown Jacksonville is 8.7 miles northwest.
Pine Meadows consists of 11 three-story buildings completed in 2005. The unit mix comprises one- to three-bedroom apartments averaging 1,008 square feet. Common-area amenities include a swimming pool, business center, fitness center, spa and volleyball court, as well as almost 400 parking spaces.
Starwood is among the largest owners in the U.S. The investor’s national portfolio grew in August to nearly 20,700 units, following major affordable housing acquisitions in markets across Texas and Florida.