Florida Multifamily Asset Changes Hands Amid Challenging Times
- Apr 03, 2020
Working through a number of unprecedented hurdles presented by the COVID-19 pandemic, Broadshore Capital Partners has acquired Victoria at Orange Park, an apartment community located in Jacksonville, Fla. for $37.1 million.
The purchase of the 280-unit property is the first transaction through a new programmatic real estate investment joint venture focused upon equity and debt investments targeted at value-add opportunities in multifamily real estate and other commercial assets. The joint venture plans to make $35 to $75 million equity and debt investments in eight to 12 properties over the next 30 months.
Located at 1710 Wells Road, the 34-year-old Victoria at Orange Park features one- and two-bedroom apartments spread across 13 low-rise structures on a 20-acre parcel. A swimming pool is among the leading amenities. The property has experienced periodic renovations over its life span. Capital improvements planned by Broadshore include renovations to apartment interiors that will result in upgraded appliances, new flooring and features and the addition of screened-in porches. Among enhancements to common areas will be a new business center, fitness center updates and new furniture for indoor and outdoor gathering spots.
Location is among the property’s upsides. Situated on a well-traveled commercial corridor, the highly-visible Victoria at Orange Park puts residents near shopping and dining at Orange Park Mall, and presents them access to roadways leading downtown and to the airport.
In closing this transaction, Broadshore’s team overcame several challenges, such as the transition of ownership and management and working with the lender to complete their diligence during extraordinary times.
“Transitioning ownership and management during the pandemic with limited contact with residents and a closed leasing office is something no one has experienced. We are one of the few groups that have or will. It required creativity, such as the opening [of] drive-through rent tents, and a large use of digital communications including virtual tours, FaceTime and email,” Brad Howe, Broadshore co-CEO, told Multi-Housing News. “Our transaction team of Louis Leeds and Bryan Meyer worked long hours to make sure everyone continued to advance to closing, and our operating team led by Alicia Fernandes drew on her experience and creativity to coordinate the transition of operations in this unprecedented and turbulent environment,” Howe added.