Jacksonville Community Changes Hands for $22M

KCB Management sold the 256-unit property for more than double the price it traded for in 2013. Berkadia originated more than $17 million in acquisition financing.
Deerfield Apartments

Interwest Capital Group has acquired Deerfield Apartments, a 256-unit multifamily property in Jacksonville, Fla. KCB Management sold the asset for $22.3 million. According to Yardi Matrix data, the sale was subject to a 10-year, $17.2 million Fannie Mae loan originated by Berkadia. The community last changed hands in 2013, when Castle Hill Partners sold it for $10.7 million.

Located at 1171 S. Lane Ave., the property is 1 mile south of Interstate 10, across the road from a Dollar General-anchored strip center. Downtown Jacksonville is 7 miles east of the community, while Jacksonville International Airport is 18 miles north, via Interstate 295.

Deerfield Apartments consists of 17 two-story buildings developed in 1989, per Yardi Matrix. The unit mix includes one- to three-bedroom apartments with floorplans ranging from 778 to 1,300 square feet. Common-area amenities include a swimming pool, playground, fitness center and tennis court. The property was 95.3 percent occupied as of June.

Earlier this month, a 162-unit partially affordable property traded 16 miles southeast of Deerfield Apartments. The community sold for $13.3 million.