Jacksonville, Orlando Communities Trade for $72M

JLL provided more than $52 million in Freddie Mac acquisition financing for the 544-unit portfolio.
Madelyn Oaks Apartments

Starwood Capital Group has completed the $71.8 million acquisition of a two-property portfolio totaling 544 units in Jacksonville and Orlando, Fla. Lakeside Capital Advisors sold the 360-unit Madelyn Oaks and the 184-unit Hatteras Sound communities, according to Yardi Matrix. JLL originated two acquisition loans totaling $52.3 million. The Freddie Mac notes mature in 2030.

Located on 26 acres at 5710 Lenox Ave. in Jacksonville, Madelyn Oaks comprises 18 three-story buildings completed in 2003. The fully affordable property changed hands for $38.5 million. The asset’s one- to four bedroom floorplans range from 698 to 1,278 square feet. Amenities include a pool, gym and business center.

Built on 11 acres in 2001, Hatteras Sound is 20 miles north of central Orlando at 13000 Island Bay Circle in Sanford. The partially affordable community traded for $33.3 million. Resident amenities include a playground, swimming pool and volleyball court. The property has one- to four-bedroom apartments between 718 and 1,438 square feet.

In May, Starwood Capital Group obtained a $74.8 million Freddie Mac refinancing package for Bentley Green, an 820-unit community some 15 miles from Madelyn Oaks. Newmark Knight Frank provided the 10-year note.