Savlan Capital Pays $28M for Jacksonville Community
- Nov 21, 2019
Savlan Capital has acquired Charter Landing, a 332-unit value-add community in Jacksonville, Fla. LN Development Group sold the Class B asset for $28 million, or $84,337 per unit. Newmark Knight Frank represented both parties in the off-market transaction. According to Yardi Matrix data, the property last traded in 2014 for $12.9 million.
Situated at 5885 Edenfield Road in the Arlington submarket, Charter Landing is on the shores of St. Johns River, close to Interstate 295. Downtown Jacksonville is 7.6 miles southwest of the property and important employment centers such as Jaxport, Jacksonville University and Memorial Hospital are all less than 10 miles away.
Developed in 1975, the community consists of 15 two- and three-story buildings spread across a 26.6-acre site. The unit mix includes one- to three-bedroom apartments, as well as three-bedroom townhomes, averaging 1,034 square feet. Common-area amenities include two swimming pools, two lighted tennis courts, a fitness center, playground and car care area. The property was 92 occupied at the time of sale.
Savlan Capital intends to invest $4.3 million in interior and exterior renovations at Charter Landing. Planned improvements include a new dog park as well as upgraded kitchens, appliances and landscaping. The upgrades will enable the new owner to raise rents at the property, which are currently 30 percent below market rate, according to Savlan Capital CEO Zusha Tenenbaum.
NKF Director John Rutherford assisted both parties in the deal. Rutherford was also involved in the recent $25 million sale of a 288-unit community located roughly 6 miles south of Charter Landing.