Metro Jacksonville Community Changes Hands

Proxima Asset Management sold a 120-unit garden-style community in Orange Park, Fla. Cushman & Wakefield assisted the seller in the transaction.
Park Village Apartments
Park Village Apartments. Image courtesy of Cushman & Wakefield

Proxima Asset Management has sold Park Village Apartments, a 120-unit garden-style community in Orange Park, Fla. The joint venture of Mayfair Investment Partners and Navarino Capital Management acquired the Class B asset for $10.9 million or $90,400 per unit. Yardi Matrix data shows the sale was also subject to a $9.6 million loan held by Arbor Realty Trust. Cushman & Wakefield assisted the seller in the disposition.

Located at 741 Park Ave. on a 6.5-acre site, Park Village Apartments is roughly 14 miles south of downtown Jacksonville and less than 1 mile south of Interstate 295. The community is near many retail stores, with Shoppes of Wells Landing situated within walking distance and Orange Park Mall 2.6 miles west. Jacksonville Naval Complex is 3.8 miles north.

Developed in 1968, the community consists of 15 two-story buildings. The unit mix features one- to three-bedroom apartments averaging 966 square feet. Common-area amenities include a volleyball court, playground, fitness center and dog park. The property was 93 percent occupied at the time of sale.

Cushman & Wakefield Executive Directors Mike Donaldson and Nick Meoli of the Multifamily Investment Sales Team represented the seller in the deal. The two brokers also assisted the seller in the recent disposition of a 137-unit community in Largo, Fla.