Creative Realty Sells Jacksonville Community for $20M
- Dec 12, 2019
Creative Realty Partners has sold The Plaza Apartments, a 281-unit community in Jacksonville, Fla., for $19.6 million, according to Duval County records. Topaz Capital Group was the buyer. Berkadia brokered the sale in an off-market transaction.
As part of the deal, Topaz assumed a $12.1 million Fannie Mae loan, originated by Arbor Realty Trust. The financing package matures in 2029, bearing interest at 4.45 percent. Creative Realty took the mortgage in 2017 when the investor acquired the asset for $14.4 million.
The 38-building community, built in 1974, has one-, two- and three-bedroom apartments. Amenities include a swimming pool and two laundry facilities. The new owner plans to invest $2 million into renovations, rebranding the property as Topaz Plaza JAX. Capital improvements will focus on updating common areas and adding a dog park and a playground.
Located at 3780 University Club Blvd. on 14.6 acres, the community is within 2 miles of Jacksonville University and 7 miles from the city center. Several shopping and dining options are in the immediate area.
The Plaza marks Topaz’s second Jacksonville acquisition of the year. In June, the investor teamed up with Lynd Opportunity Partners in a $35 million multifamily acquisition on the metro’s southern edge.