Jacksonville Community Trades for $15M

The seller, DEL Development, purchased the asset in 2011. The new owner obtained more than $14 million in acquisition financing from The Bancorp Bank.
The Oaks at San Jose

DEL Development has sold The Oaks at San Jose, a 200-unit community in Jacksonville, Fla., for $15.3 million, according to Duval County records. The Bancorp Bank provided the buyer, a joint venture between Creative Realty Partners and Michaelson Real Estate Group, with a 5-year, $14.2 million acquisition and development loan. The seller had acquired the property in September 2011 from MetWest Realty Advisors. 

Located at 5551 Auburn Road in the city’s San Jose submarket, the garden-style community’s two-story buildings are situated 2 miles west of Interstate 95. A local bus route connects the asset to Jacksonville’s urban core, 5 miles to the north. A Winn-Dixie-anchored retail center is a short walk away, as is the 2.2-acre Crabtree Park.

The Oaks at San Jose, built in 1948, contains a mix of one- and two-bedroom apartments, with unit floorplans ranging from 604 to 1,235 square feet. Community amenities include a swimming pool, fitness center, clubhouse and laundry facility. In December 2018, the property was 93 percent occupied, per Yardi Matrix data. The new owner plans to begin more than $2 million in interior and exterior capital improvements later this year.

Earlier in February, a 176-unit community in Jacksonville’s Pineland Gardens submarket changed hands. Westside Capital Group purchased the asset for more than $13 million.

Image courtesy of Yardi Matrix