Jacksonville Community Changes Hands

Mody Real Estate Group traded the nearly 200-unit property for almost $11 million, providing a 3-year acquisition loan to the buyer.
Avalon Hill

Lenger Financial has purchased Avalon Hill, a 194-unit community in Jacksonville, Fla., for $10.8 million, according to Yardi Matrix. The seller, Mody Real Estate Group, provided the buyer with a 3-year, $7.9 million acquisition loan.

Mody picked up the property in April 2011, through a deed in lieu of foreclosure from the Housing Partnership of Northeast Florida.

Located at 7557 Arlington Expressway in Jacksonville’s Oakwood Villa submarket, the garden-style community’s 14 buildings are positioned on 12.4 acres 5 miles east of the city’s downtown. Situated next to the 50-acre Tree Hill Nature Center, the property is near a number of retail options and three bus routes.

The community contains a mix of one-, two- and three-bedroom units, with floorplans ranging in size from 825 to 1,325 square feet. Amenities include a swimming pool, a laundry facility, a business center, a clubhouse and a playground. The asset was 89.2 percent occupied in August, per Yardi Matrix data.

Two miles to the west, Atlas Real Estate Partners entered the Jacksonville market in August with the acquisition of the 400-unit Pier 5350.

Image courtesy of Yardi Matrix