Kansas City, Mo.-based Maxus Realty Trust has closed on the purchase of the Viera at Mandarin apartment community in Jacksonville’s Greenland submarket for $17.6 million. Built in 1984, the property is located at 4263 Losco Road and traded for just over $93,915 per unit. The complex consists of 17 two- and three-story buildings featuring one- and two-bedroom residences with community amenities including an indoor fitness center, a swimming pool, a 21-acre lake with fountains, deck and boat storage, as well as 360 parking spaces. The property is currently managed by Maxus Properties. The sale was completed with a $12.5 million CMBS loan through KeyBank, with a 3.51 percent fixed-interest rate on a seven-year term, ending in March 2022. The financing was arranged by Grandbridge Real Estate Capital.
“With the influx of recent job announcements in northeast Florida, we are beginning to see more investors target Jacksonville as an opportunity to gain a foothold in an emerging market. The buyer in this transaction saw an opportunity to grow their presence in Jacksonville by investing in one of the more highly sought-after submarkets in the city,” said Greg Rainey, associate director of Berkadia, who handled the sale of behalf of the seller, Covenant Capital Group.
