Berkadia Negotiates Sale and Finance of a 208-unit Jacksonville Apartment Community for $12.75 Million
JACKSONVILLE, Fla. — Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, recently completed the $12,750,000 sale of the Avesta Townsend apartments located at 3450 Townsend Blvd. in Jacksonville’s Arlington area.
Greg Rainey, Director in Berkadia’s Jacksonville office, Cole Whitaker, Managing Director in the Orlando office, along with Berkadia Senior Directors Tal Frydman and Jason Stanton, negotiated the transaction representing the Seller, 3450 Townsend LLC, an entity controlled by Avesta Communities. Berkadia Senior Director, Justin Ownby, assisted in the financing of Avesta Townsend.
HH Townsend LLC purchased the property which includes 208 garden-style apartments ranging from studio to three-bedroom, two-bath units in 13 two-story buildings. The sale also included a community swimming pool, laundry facility, clubhouse with recreation room and fitness center, tennis court and playground.
Avesta Townsend was built in 1970 and since 2012 the Seller invested $3+ million in interior renovations and exterior upgrades. The apartments were 96.15 percent occupied at the time of the sale.
Between the collaboration of its Jacksonville, Boca Raton and Orlando offices, Berkadia was able to secure the exclusive listing and closed the deal with the South Florida buyer. Berkadia has closed numerous deals with the buyer and brought them to Jacksonville for the cash flow that they were not able to achieve any longer with South Florida properties.
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For more information, contact:
Greg Rainey, Associate Director, Berkadia, 904-513-9347 firstname.lastname@example.org
Cole Whitaker, Managing Director, Berkadia, 407-481-2126 email@example.com
Tal Frydman, Senior Director, Berkadia, 561.609.4015 firstname.lastname@example.org
Jason T. Stanton, Senior Director, Berkadia, 727-674-4097 email@example.com
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 firstname.lastname@example.org.
Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. To learn more visit www.berkadia.com