JV Acquires 440-Unit Jacksonville Multifamily Asset
- Jun 20, 2019
A joint venture between American Landmark Apartments and RSE Capital Partners has acquired Eastport Apartments, a 440-unit community in Jacksonville, Fla., and rebranded it as Mezza. Berkadia secured a Freddie Mac Green Up loan as acquisition financing. According to Yardi Matrix data, the property last traded in 2011, when Investors Management Group acquired it for $33.4 million.
Mezza Apartments is located at 11701 Palm Lake Drive in the Highlands submarket, near Interstate 295. Residents have access to shopping and dining options located less than half a mile west, on Main Street. Downtown Jacksonville is within a 15-minute drive south of the property, while Jacksonville International Airport is roughly 6.5 miles northwest.
Completed in 2008, the community consists of 19 three-story buildings, per Yardi Matrix. The unit mix features one- to three-bedroom apartments averaging 990 square feet. Common-area amenities include a fitness center, spa, swimming pool, tennis court, courtyard, grill and picnic area. The property was 95 percent occupied at the time of the sale.
RSE and American Landmark plan to make capital improvements worth $4.9 million throughout the property. All units are to receive granite countertops with new sinks, stainless steel appliances, USB plugs as well as updated plumbing and lighting. Common-area upgrades will include pool repairs, clubhouse and fitness center renovations, upgraded landscaping and new signage.
Berkadia’s Senior Managing Director Robert Falese and Senior Director Matthew Cullison of the Philadelphia office, together with Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of the company’s Boca Raton office arranged acquisition financing.
The purchase is the 11th multifamily investment of the joint venture in the past two years, raising American Landmark’s Florida portfolio to 23 assets, with eight properties in Jacksonville. Most recently, the company acquired a 448-unit community in Boca Raton, Fla., for $91.5 million.