Jacksonville Community Changes Hands for $25M

Opal Holdings sold the 288-unit multifamily asset located 2 miles west of Regency Plaza Shopping Center.
City Ridge Apartments (now Oaks at Red Bay). Image courtesy of Newmark Knight Frank

Opal Holdings has sold City Ridge Apartments, a 288-unit multifamily property in Jacksonville, Fla. Nathan Holdings purchased the Class B asset for $24.7 million and renamed it Oaks at Red Bay. According to Yardi Matrix data, the deal was also subject to a $16.1 million Fannie Mae loan originated by Prudential Financial. Newmark Knight Frank Director John Rutherford represented the seller in the transaction. The property last traded in 2015 for $17 million.

Located at 7528 Arlington Expressway, the property is 4.7 miles east of downtown Jacksonville and 2 miles west of Regency Plaza Shopping Center. The Southside Connector and Interstate 295 are important nearby thoroughfares.

The community consists of 15 three-story buildings developed in 1972 on a 14.7-acre site. The unit mix offers one- to three-bedroom apartments with floorplans ranging from 884 to 1,188 square feet. Common-area amenities include two swimming pools, a fitness center, volleyball court and more than 570 parking spaces. The property was 96.9 percent occupied as of August, per Yardi Matrix data.

Saar Management, a subsidiary of Nathan Holdings, will manage the property, according to a statement by NKF.

At the end of September, a 172-unit community traded 3.6 miles southwest of Oaks at Red Bay. InvestRes sold the value-add asset for a little more than $14 million.