A three-property 593 unit portfolio of multifamily assets located in Jacksonville has been sold to Infinity Acquisitions for 27.87 million. The portfolio includes the 205-unit Reserve at Water’s Inlet on Arlington Expressway, Magnolia I on Jammes Road and Magnolia II, which offer 112 units on Jammes Road. The assemblage changed hands for just under $47,000 per unit. According to Berkadia’s third quarter 2017 Multifamily Report for Jacksonville, apartment occupancy for the metro area rose 40 bps year-on-year to 95.1 percent in the third quarter of 2017. Berkadia’s South Florida Senior Director Tal Frydman, along with Jacksonville Director Greg Rainey and Orlando Managing Director Cole Whitaker represented the seller, Nova Eagle.
“This portfolio provided the buyer an opportunity to gain a substantial footprint in a rapidly growing Jacksonville market,” said Rainey. “As the fundamentals in Jacksonville continue to strengthen, the Berkadia Florida team has brought first-time Jacksonville buyers to the closing table on multiple occasions.”
