Toro Real Estate Sells Suburban Jacksonville Community
- May 25, 2020
Toro Real Estate Partners has finalized the disposition of Ortega Village Apartments, an 82-unit community in Jacksonville, Fla. Navarino Capital Management acquired the asset for $6 million, according to public records. Arbor Realty Trust provided a three-year, $5 million acquisition loan. The property last changed hands in 2017 when Toro purchased it for $3.8 million from a private investor, Yardi Matrix shows.
Located on 6 acres at 4754 Ortega Hills Drive, the property has 14 buildings completed in 1963. The asset’s unit mix includes studio, one-, two- and three-bedroom floorplans. Amenities include laundry facilities, a swimming pool and a playground. The community is close to Naval Air Station Jacksonville and 2 miles from Interstate 295. The city center is some 10 miles north.
Last November, a joint venture between Navarino Capital Management and Mayfair Investment Partners joined forces in the $10.9 million acquisition of Park Village Apartments, a 120-unit garden-style property less than 5 miles south in Orange Park, Fla. Cushman & Wakefield had facilitated the deal on behalf of the seller, Proxima Asset Management.