The Tradewinds Apartment Homes, an 85-unit apartment community located in Jacksonville has changed hands for $3.8 million, or $45,238 per unit. The asset is a garden-style community situated on 2.32 acres at 5717 Timuquana Road that consists of 12 two-story buildings. Megan Johnson of Marcus & Millichap’s Jacksonville office, along with Tampa-based vice presidents Nicholas Meoli and Michael Donaldson, marketed the property on behalf of the seller, Thoroughbred Property Management, and procured the buyer, Sun Co Lin. According to Marcus & Millichap the complex generated 14 offers from investors throughout the country and ultimately closed with a 1031-exchange buyer.
“Tradewinds Apartments Homes represented an excellent opportunity to acquire a favorable in place return with a value add component,” stated Nicholas Meoli. “The buyer intends to capitalize on below market rents by implementing strategic interior and exterior renovations,” said Donaldson.
