Berkadia Arranges 593-Unit FL Portfolio Sale

Nova Eagle sold three multifamily assets in Jacksonville, Fla., for $27.9 million. The buyer was Infinity Acquisitions LLC.

Infinity Acquisitions LLC purchased a three-property multifamily portfolio for $27.9 million. Nova Eagle Communities sold the properties totaling 593 units, including: Reserve at Water’s Inlet, a 205-unit community located at 6100 Arlington Expy.; Magnolia I, a 276-unit community located at 2045 Jammes Road; and Magnolia II, a 112-unit community located at 2401 Jammes Road.

Reserve at Water’s Inlet features one- and two-bedroom apartments. Magnolia I has one-, two- and three-bedroom apartments, while Magnolia II  offers one- and two-bedroom units. All buildings have two stories. 

Amenities include:

  • high-speed internet
  • laundry facilities
  • fitness center
  • business center
  • swimming pool
  • barbeque/picnic areas
  • clubhouse
  • 24-hour security camera monitoring
  • playground

South Florida Senior Director Tal Frydman, Director Greg Rainey and Orlando Managing Director Cole Whitaker of Berkadia’s Florida team represented the seller.

“As the fundamentals in Jacksonville continue to strengthen, the Berkadia Florida team has brought first-time Jacksonville buyers to the closing table on multiple occasions. The vision that these new buyers have for their newly acquired communities in Jacksonville is exciting, and I think we will continue to see big changes throughout the Jacksonville communities soon,” Rainey said in prepared remarks. “This portfolio provided the buyer an opportunity to gain a substantial footprint in a rapidly growing Jacksonville market.”

Jacksonville is becoming an increasingly attractive secondary market, with the Praedium Group also recently acquiring a multifamily community in the metro for $57 million.

Photos courtesy of Yardi Matrix