Jacksonville Community Changes Hands for $20M

The seller, Kite Realty, completed the 130-unit luxury property in 2017. The new owner took a $13.3 million acquisition loan from Thrivent Financial.
Lake Lofts at Deerwood

Kite Realty has sold the Lake Lofts at Deerwood, a recently completed 130-unit luxury community in Jacksonville, Fla., for $20 million, according to Duval County records. Thrivent Financial provided the buyer, a private investor, with a 10-year, $13.3 million acquisition loan.

Located at 4360 Deerwood Lake Parkway in Jacksonville’s Pineland Gardens submarket, the four-story building is positioned alongside the Southside Boulevard retail corridor, 3 miles from Interstate 295. The community is next to a Publix supermarket and about a mile and a half from Florida Blue’s 1.5 million-square-foot Class A office campus.

The property, which opened its doors in October 2017, contains a mix of one- and two-bedroom apartments, with floorplans between 527 and 1,108 square feet. Community amenities include a swimming pool, a business center, a fitness center and a parking structure. The building’s units were 93.1 percent occupied as of September, according to Yardi Matrix.

In October, The Vestcor Cos. opened a 96-unit affordable senior living community 25 miles to the southwest.

Image courtesy of Yardi Matrix