North FL Community Trades for $36M

Kimball Key LLC has received $27.1 million in financing for the purchase of Mandarin Apartments, a 401-unit garden-style asset in Jacksonville.
Mandarin Apartments
Mandarin Apartments. Image courtesy of Yardi Matrix

InvestRes has sold Mandarin Apartments, a 401-unit garden-style multifamily property in Jacksonville, Fla., for $36 million, according to Yardi Matrix data. Berkadia represented the seller and secured $27.1 million in acquisition financing on behalf of the buyer, Kimball Key LLC. The financing was structured as a 10-year, adjustable-rate Freddie Mac loan.

Located at 3200 Hartley Road, the property is just off Interstate 295 and close to Interstate 95, with Jacksonville International Airport roughly 33 miles away. Residents have easy access to cultural and entertainment venues, such as the Mandarin Museum and Historical Society and Adventure Landing.

Completed in 1974 on 20.8 acres, the community consists of 53 two-story buildings. The unit mix features one-, two- and three-bedroom floorplans ranging from 600 to 1,290 square feet, per Yardi Matrix data. Common-area amenities include two swimming pools, two laundry facilities, a picnic and grill area, a fitness center, a playground and sports court.

Berkadia representation

Director Greg Rainey of Berkadia’s Jacksonville office and Managing Director Jason Stanton of Berkadia’s Tampa branch closed the transaction on behalf of the seller, while Senior Director Justin Ownby of the company’s Tampa division secured the acquisition loan for the buyer.

“This disposition provides yet another example of a first-time Jacksonville buyer entering the market,” said Rainey, in a prepared statement. “Fundamentally, North Florida has shown no signs of slowing.”

“Mandarin Apartments created a great opportunity for the buyer to purchase a value-add asset in a very desirable submarket of Jacksonville,” added Ownby, in prepared remarks.

InvestRes continues its presence in Jacksonville’s multifamily market. In January, the company acquired a 200-unit community, 18 miles from Mandarin Apartments, for more than $21 million.