Jacksonville Community Trades for $13M

Berkadia originated nearly $11 million in Freddie Mac acquisition financing for the buyer of the 162-unit partially affordable property in the southeastern part of the city.
Baymeadows Apartments
Baymeadows Apartments

Avesta Communities has sold Baymeadows Apartments, a 162-unit partially affordable multifamily asset in Jacksonville, Fla., for $13.3 million to a private investor, Yardi Matrix shows. Berkadia provided the buyer with a 10-year, $10.7 million Freddie Mac loan. The property last changed hands in 2012, when The NHP Foundation traded it for $3.9 million. 

Located at 9801 Old Baymeadows Road, the Class B property is near Interstate 95, approximately 10 miles southeast of downtown Jacksonville. The community is across the street from a Publix-anchored shopping center, and Simon’s 1.1 million-square-foot The Avenues is less than 3 miles south.

The property’s unit mix includes studio and one- to three-bedroom floorplans ranging from 490 to 1,393 square feet, with a total of 114 affordable units, according to Yardi Matrix. Common-area amenities include a swimming pool, playground, business center and dog park. More than 200 parking spaces are available on-site.

Avesta traded more than 2,000 units across the southern U.S. in the first half of 2019, per Yardi Matrix data. The company’s deals to date include the $12 million February sale of a 138-unit Class C community, 6 miles northwest of Baymeadows.