Wednesday, September 14, 2016

Berkadia Completes $17.6 Million Sale of Jacksonville, FL Multifamily Property

Greg Rainey
JACKSONVILLE, FL  – Berkadia recently closed the sale of the multifamily property, Viera at Mandarin, for $17.6 million or $93,617 per-unit.  

Associate Director Greg Rainey of Jacksonville, Managing Director Cole Whitaker of Orlando, Senior Director Tal Frydman of Boca Raton, and Senior Director Jason Stanton of the Tampa office facilitated the sale.

The seller was Woodbridge Multifamily Partners, LLC based in Nashville, Tenn. and the buyer was Maxus Realty Trust, Inc. located in North Kansas City, Mo.

“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,” Rainey said

Built in 1984, the 188-apartment property features one- and two-bedroom units with four unique floor plans. The average unit size is 833 square feet and each has updated interiors with modern touches, such as granite counter tops, in-unit washer/dryer, a private patio or balcony and ample storage space. 

Tal Frydman
Select units also include an open floor plan with vaulted ceilings and wood-burning fireplaces. Community amenities include an indoor athletic center, swimming pool, a 21-acre lake with fountains and a deck and boat storage.

Viera at Mandarin is located at 4263 Losco Rd., affording convenient access to Old St. Augustine Rd. and Interstate 295. To the west, across the St. Johns River, is Naval Air Station Jacksonville and downtown Jacksonville is less than 20 minutes northwest.

For a complete copy of the company’s news release, please contact:

Beth Payan, Larry Vershel Communications 407-644-4142

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