Jacksonville Value-Add Community Changes Hands for $35M
- Jun 24, 2019
A joint venture between Lynd Opportunity Partners and Topaz Capital has acquired Mission Springs, a 444-unit, value-add community in Jacksonville, Fla. The $35.2 million sale was subject to a $32.7 million acquisition loan held by Arbor Realty Trust, according to Yardi Matrix data. Invest in America’s Veterans Foundation sold the asset in an off-market transaction.
The property is located at 5327 Timuquana Road, between State Route 17 and Interstate 295. The surrounding area has a large concentration of medical, retail, technology and marine science employers. Downtown Jacksonville is roughly 11 miles northeast and the Jacksonville International Airport is further north, within a 30-minute drive.
Mission Springs consists of 32 one- and two-story buildings completed in 1972, per Yardi Matrix. The unit mix features one- to three-bedroom apartments, with floorplans ranging from 500 to 1,400 square feet. Common-area amenities include a fitness center, business center, clubhouse, tennis court and two swimming pools. The property was 98 percent occupied as of May.
The new owners intend to rebrand the community as Topaz Villas JAX and invest more than $5 million in property upgrades. Planned renovations include updates to home interiors and all common areas as well as the addition of an eco-friendly dog park and a playground.
In the past two years, Lynd has acquired 4,665 multifamily units throughout Texas, Florida and Illinois worth roughly $300 million and executed value-add improvements of more than $23 million. The portfolio includes 1,031 apartments in the Florida Panhandle and a 384-bed student housing community in Beaumont, Texas.