North FL Community Changes Hands

The 96-unit multifamily asset, completed in 1963, traded for $6 million, more than doubling the seller’s return in two years.
Majestic Plaza Apartments

A private investor has purchased Majestic Plaza Apartments, a 96-unit Class C community in Jacksonville, Fla., for $6 million, according to Yardi Matrix. The seller, also a private individual, had acquired the asset in November 2017 for $2.5 million, landing a significant return on its investment. The value of the property has increased markedly over the past decade—in 2011, previous owner ValStone Partners sold the asset for $400,000.

To finance the latest acquisition, the buyer took two separate loans . ICG10 Capital originated a senior loan, valued at $4.9 million, with the seller providing an additional $640,000 in financing.

Located at 4624 Moncrief Road in the city’s Dinsmore submarket, the community’s nine two-story buildings are 3.5 miles north of downtown Jacksonville, west of Interstate 95. The Publix-anchored, 700,000-square-foot Gateway Town Center is a short drive to the east.

Majestic Plaza, completed in 1963, contains a mix of two- and three-bedroom units, with floorplans ranging between 696 and 764 square feet. Community amenities include a playground, gated parking and laundry facilities. In December 2018, the asset was 94.8 percent leased, per Yardi Matrix data.

On the western edge of Majestic Plaza, the 94-unit Weldon Apartments changed hands in November as part of a 768-unit, $51 million portfolio transaction.

Image courtesy of Yardi Matrix