Jacksonville Community Trades in Value-Add Play
- Oct 01, 2020
Creative Realty Partners has sold Planters Walk, a 216-unit garden-style community in Jacksonville, Fla., to Topaz Capital Group. The suburban asset traded for nearly $18.8 million, or roughly $86,800 per unit. Berkadia Director Greg Rainey represented the seller. The new owner tapped Lynd as property manager.
Topaz Capital Group is looking to implement a value-add plan, Rainey said in prepared remarks. The community last changed hands in 2017, when the current seller acquired it for $13.4 million from SMG Property Management, Yardi Matrix data shows.
Located at 7350 Blanding Blvd., the 23-building community constructed in 1974 is situated on 13 acres. Consisting of a mix of one- to four-bedroom apartments, the property features floorplans ranging from 534 to 1,410 square feet. The list of amenities includes a business center, clubhouse, fitness center, swimming pool, bicycle trail, playground and laundry facility.
Situated 12 miles southwest of downtown Jacksonville, Planters Walk is within 1.5 miles of Interstate 295 and less than 7 miles from the city’s Naval Air Station. Nearby retail destinations include Westland Park Plaza, Argyle Village Shopping Center, as well as a Walmart Supercenter and a Home Depot.