Strategic Holdings Sells 328-Unit Jacksonville Property

Rialto Capital Management provided a $52.3 million loan.

The Commons

Strategic Holdings has sold The Commons, a multifamily property in Jacksonville, Fla. The new owner is Illinois-based BJB Partners, and the asset traded for $34.9 million, according to Yardi Matrix data. Berkadia worked on behalf of the seller. The acquisition was funded through a three-year, $52.3 million acquisition and development loan held by Rialto Capital Management.

The 328-unit multifamily asset, completed in 1975, is located at 1721 Anniston Road. Consisting of 36 buildings on 17.1 acres, The Commons encompasses one-, two- and three-bedroom units, between 690 and 1,125 square feet. In-unit amenities include washer and dryer hookups and walk-in closets, while common-area amenities include three swimming pools, a fitness center, a business center, a playground and covered parking spots, among others.

The Commons is situated near Jacksonville Beaches, 5.5 miles from University of North Florida and 6 miles from Jacksonville University. Retail and dining options are available throughout the Southside Estates neighborhood, Regency Square Mall being 1 mile away.

Berkadia Director Greg Rainey, of the company’s Jacksonville office, and Managing Director David Etchison of the Birmingham, Ala., office, closed the deal on behalf of Strategic Holdings.

Elsewhere in Florida, just last week, Berkadia closed on a high-profile transaction, securing $100 million in construction financing for a 358-unit Miami rental development.

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