Savlan Capital has acquired Charter Landing, a 332-unit apartment complex in Jacksonville, Florida, from Lichtman Nass Development Group for $28m. Built in 1975, the property is currently 92 percent leased. Charter Landing includes 15 two- and three-story residential buildings. Newmark Knight Frank represented the buyer and seller in the off-market transaction. Savlan Capital plans to invest $4.3m into interior and exterior improvements, including upgraded kitchens, landscaping, common areas and a new dog park.
“Charter Landing’s average rent per unit is currently 30 percent below market rate. By making these upgrades and offering residents an improved experience, the property will realize its true value,” said Zusha Tenenbaum, CEO of Savlan Capital. “These improvements, along with the asset’s irreplaceable location and the best waterfront views in the market, will help Charter Landing evolve into the property of choice in the Arlington submarket.”
