Covenant Capital Pays $39M for Jacksonville Community

CBRE Capital Markets provided the buyer with a $31.4 million loan through Freddie Mac.
The Park at Levanzo
The Park at Levanzo

Covenant Capital Group has paid $39.3 million for The Park at Levanzo, a 360-unit community in Jacksonville, Fla. According to public records, the seller was Reserve Property Holdings LLC, an entity associated with Blue Roc Premier Properties. The sale was also subject to a $31.4 million Freddie Mac loan from CBRE Capital Markets, due to mature in 2025. The property last traded in 2016 for $24.6 million.

Located at 11990 Beach Blvd. in the Southridge submarket, The Park at Levanzo consists of 38 two-story buildings developed in 1974. The unit mix features one- and two-bedroom floorplans averaging 850 square feet. Amenities include a swimming pool, clubhouse and business center, as well as 800 parking spaces. Yardi Matrix data shows the property was 95 percent occupied as of December.

The 19-acre property is roughly 10 miles southeast of downtown Jacksonville and 1 mile east of Interstate 295. The community is near the south campus of Florida State College at Jacksonville, with Kernan Square 1 mile east and St. Johns Town Center 3.5 miles southwest.