Quad Property Group has purchased Ortega Pines, a 152-unit Class C community in Jacksonville, Fla., from a private investor for $10.8 million. The buyer financed the acquisition with a 10-year, $7.9 million Fannie Mae loan originated by Berkeley Point Capital.
The transaction marks Quad’s third Jacksonville multifamily acquisition in two years. In July, the firm picked up its first community in South Carolina in a $9.4 million transaction.
The property last changed hands in November 2016, when Becovic Management Group sold the property for $7.5 million, according to Yardi Matrix.
Located at 4800 Ortega Farms Blvd. in Jacksonville’s Cedar Hills submarket, the asset is positioned 10 miles southwest of the city’s urban core, accessible via Interstate 295 and U.S. Highway 17. “With its location between the booming Cecil Commerce Center and NAS Jacksonville, the complex is well-situated to capitalize on the First Coast’s impressive growth,” said Jariel Bortnick, principal at Quad Property Group, in a prepared statement.
Ortega Pines, constructed in 1974, contains a mix of one- to three-bedroom units across 17 buildings, with floorplans ranging in size from 680 to 1,180 square feet. The property includes a swimming pool, a renovated clubhouse, a laundry facility and a playground. The new owner is planning to renovate units and update amenities, adding a dog park, a sports area and a business center.
Matthew Williams and Kyle Schlitt of NKF Capital Markets represented Quad Property Group in the transaction.
Image courtesy of Yardi Matrix