Newmark Knight Frank Multifamily announces the $16,200,000 sale and financing of The Palms at 2800 (fka Peppertree Lane Apartments) in Jacksonville, FL.
Newmark Knight Frank Multifamily announces the $16,200,000 sale and financing of The Palms at 2800 (fka Peppertree Lane Apartments), a 168-unit community located in Jacksonville, FL. Director John Rutherford represented the seller Carter Multifamily in the sale to Quad Property Group.
Newmark Knight Frank Executive Managing Director Matthew Williams, Associate Director Kyle Schlitt and Assistant Vice President James Maynard provided the financing of a $11,198,000 Fannie Mae loan for Quad Property Group. Schlitt said “We were pleased to work with Quad Property Group to secure the financing for The Palms at 2800. The interest only component allows the borrower to invest additional capital into property and implement their value-add strategy.”
According to Rutherford, “The Palms at 2800 is a premier investment property in the Arlington/Southside submarket of Jacksonville, FL. With well-thought-out capital expenditure already deployed into the property, there is a clear and proven demand for an upscale rental in the given submarket. With direct access to Downtown and brand-new retail construction underway within two blocks, The Palms at 2800 should continue to prove out the submarket demand for continued value-add investment.”
Constructed in 1971, the community features spacious 1 and 2-bedroom townhome units. Amenities include two large pools, a beautiful clubhouse, fitness center and more.
Newmark Knight Frank Multifamily announces the $16,200,000 sale and financing of The Palms at 2800 (fka Peppertree Lane Apartments) in Jacksonville, FL.
Newmark Knight Frank Multifamily announces the $16,200,000 sale and financing of The Palms at 2800 (fka Peppertree Lane Apartments), a 168-unit community located in Jacksonville, FL. Director John Rutherford represented the seller Carter Multifamily in the sale to Quad Property Group.
Newmark Knight Frank Executive Managing Director Matthew Williams, Associate Director Kyle Schlitt and Assistant Vice President James Maynard provided the financing of a $11,198,000 Fannie Mae loan for Quad Property Group. Schlitt said “We were pleased to work with Quad Property Group to secure the financing for The Palms at 2800. The interest only component allows the borrower to invest additional capital into property and implement their value-add strategy.”
According to Rutherford, “The Palms at 2800 is a premier investment property in the Arlington/Southside submarket of Jacksonville, FL. With well-thought-out capital expenditure already deployed into the property, there is a clear and proven demand for an upscale rental in the given submarket. With direct access to Downtown and brand-new retail construction underway within two blocks, The Palms at 2800 should continue to prove out the submarket demand for continued value-add investment.”
Constructed in 1971, the community features spacious 1 and 2-bedroom townhome units. Amenities include two large pools, a beautiful clubhouse, fitness center and more.
Newmark Knight Frank Multifamily announces the $16,200,000 sale and financing of The Palms at 2800 (fka Peppertree Lane Apartments) in Jacksonville, FL.
Newmark Knight Frank Multifamily announces the $16,200,000 sale and financing of The Palms at 2800 (fka Peppertree Lane Apartments), a 168-unit community located in Jacksonville, FL. Director John Rutherford represented the seller Carter Multifamily in the sale to Quad Property Group.
Newmark Knight Frank Executive Managing Director Matthew Williams, Associate Director Kyle Schlitt and Assistant Vice President James Maynard provided the financing of a $11,198,000 Fannie Mae loan for Quad Property Group. Schlitt said “We were pleased to work with Quad Property Group to secure the financing for The Palms at 2800. The interest only component allows the borrower to invest additional capital into property and implement their value-add strategy.”
According to Rutherford, “The Palms at 2800 is a premier investment property in the Arlington/Southside submarket of Jacksonville, FL. With well-thought-out capital expenditure already deployed into the property, there is a clear and proven demand for an upscale rental in the given submarket. With direct access to Downtown and brand-new retail construction underway within two blocks, The Palms at 2800 should continue to prove out the submarket demand for continued value-add investment.”
Constructed in 1971, the community features spacious 1 and 2-bedroom townhome units. Amenities include two large pools, a beautiful clubhouse, fitness center and more.
Newmark Knight Frank Multifamily announces the $16,200,000 sale and financing of The Palms at 2800 (fka Peppertree Lane Apartments) in Jacksonville, FL.
Newmark Knight Frank Multifamily announces the $16,200,000 sale and financing of The Palms at 2800 (fka Peppertree Lane Apartments), a 168-unit community located in Jacksonville, FL. Director John Rutherford represented the seller Carter Multifamily in the sale to Quad Property Group.
Newmark Knight Frank Executive Managing Director Matthew Williams, Associate Director Kyle Schlitt and Assistant Vice President James Maynard provided the financing of a $11,198,000 Fannie Mae loan for Quad Property Group. Schlitt said “We were pleased to work with Quad Property Group to secure the financing for The Palms at 2800. The interest only component allows the borrower to invest additional capital into property and implement their value-add strategy.”
According to Rutherford, “The Palms at 2800 is a premier investment property in the Arlington/Southside submarket of Jacksonville, FL. With well-thought-out capital expenditure already deployed into the property, there is a clear and proven demand for an upscale rental in the given submarket. With direct access to Downtown and brand-new retail construction underway within two blocks, The Palms at 2800 should continue to prove out the submarket demand for continued value-add investment.”
Constructed in 1971, the community features spacious 1 and 2-bedroom townhome units. Amenities include two large pools, a beautiful clubhouse, fitness center and more.
Newmark Knight Frank Multifamily announces the $6.71 million sale of the 122 West Portfolio, a 5 property, 122-unit portfolio in Jacksonville, FL.
Newmark Knight Frank Multifamily announces the $6.71 million sale of the 122 West Portfolio, a 5 property, 122-unit portfolio in Jacksonville, FL.
This sale completes a 254-total unit acquisition by JTA Real Properties brokered by Newmark Knight Frank totaling $14,160,000 with a blended per unit price of $55,748/unit. The previously purchased properties include Kingsbury Apartments, a 20- unit community and Linda Apartments & Villas at the Woodlands, a two-property, 112-unit value-add portfolio.
Director John Rutherford exclusively represented the seller Toro Real Estate Partners in the 122 West disposition to JTA Real Properties.
According to Rutherford, “These acquisitions allow JTA to create the economies of scale needed to execute their business plan while also generating market consistencies across smaller assets that otherwise would not have it. This is a win-win for all involved.”
Built in 1971-75, the properties featured original and renovated interiors offering proven value-add upgrades. The properties are well located near major Westside employers including NAS JAX, Cecil Commerce Center and Westside Industrial Park.
Newmark Knight Frank Multifamily announces the $6.71 million sale of the 122 West Portfolio, a 5 property, 122-unit portfolio in Jacksonville, FL.
Newmark Knight Frank Multifamily announces the $6.71 million sale of the 122 West Portfolio, a 5 property, 122-unit portfolio in Jacksonville, FL.
This sale completes a 254-total unit acquisition by JTA Real Properties brokered by Newmark Knight Frank totaling $14,160,000 with a blended per unit price of $55,748/unit. The previously purchased properties include Kingsbury Apartments, a 20- unit community and Linda Apartments & Villas at the Woodlands, a two-property, 112-unit value-add portfolio.
Director John Rutherford exclusively represented the seller Toro Real Estate Partners in the 122 West disposition to JTA Real Properties.
According to Rutherford, “These acquisitions allow JTA to create the economies of scale needed to execute their business plan while also generating market consistencies across smaller assets that otherwise would not have it. This is a win-win for all involved.”
Built in 1971-75, the properties featured original and renovated interiors offering proven value-add upgrades. The properties are well located near major Westside employers including NAS JAX, Cecil Commerce Center and Westside Industrial Park.
Savlan Capital acquired Charter Landing, a 332-unit value-add multifamily community with premier waterfront views on the St. Johns River in Duval County.
Savlan Capital has acquired Charter Landing, a 332-unit value-add multifamily community with premier waterfront views on the St. Johns River in Duval County.
The Hollywood, Florida-based real estate investment group purchased the property from Lichtman Nass Development Group, LLC for $28 million ($84,337 per unit). John Rutherford of Newmark Knight Frank represented the buyer and seller in the off-market transaction, which closed in less than 60 days.
Charter Landing was developed in 1975 on a ±26.6-acre site at 5885 Edenfield Rd. in Jacksonville’s Arlington multifamily submarket. This site offers more than 2,000 feet of frontage on the St. Johns River with more than two-thirds of the units featuring water views.
The community has a mix of 13 unique floor plans in 15 two- and three-story residential buildings. Unit types include one-, two-, and three-bedroom flats as well as three-bedroom townhomes. The average unit is 1,034 square feet with an average in-place rent of $813. The community was 92 percent occupied at the time of sale.
Units at Charter Landing feature fully equipped kitchens with garbage disposals and ice makers, vertical blinds, ceiling fans, large private balconies or patios with storage, individually controlled air conditioning and heat, and washer and dryer hook-ups in select units.
Community amenities at Charter Landing include two swimming pools, two lighted tennis courts, a 24-hour fitness center, a playground, two 24-hour laundry facilities, and a car care area.
The property, which is surrounded by premium single-family neighborhoods and an exceptional array of amenities, is ideally located within 10 minutes of numerous major employment centers, including downtown Jacksonville, Jaxport, Jacksonville University, and Memorial Hospital.
Lichtman Nass Development Group, LLC recently installed new roofs at Charter Landing and Savlan Capital plans to invest $4.3 million more in interior and exterior improvements, including upgraded kitchens, appliances, landscaping, common areas, and amenities such as 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 Savlan Capital Chief Executive Officer Zusha Tenenbaum. “We intend to offer the best units in the market.”
“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,” added Tenenbaum.
Charter Landing is Savlan Capital’s second purchase in the Jacksonville market. In October 2018, the company acquired Exchange South, a ±200,000 business park which has witnessed a 15% bump in occupancy since Savlan Capital’s acquisition. In 2019, Savlan Capital purchased over 750,000-square feet of flex, multifamily and office space in markets throughout the South and Southeast U.S. with plans to expand its portfolio further in 2020.
“We view Charter Landing as a great opportunity that aligns perfectly with our existing portfolio and decades of experience,” said Tenenbaum. “We specialize in identifying value-add flex, multifamily, and office assets; closing quickly and efficiently; and then implementing proven strategies that help our investments realize their hidden potential.”
Savlan Capital acquired Charter Landing, a 332-unit value-add multifamily community with premier waterfront views on the St. Johns River in Duval County.
Savlan Capital has acquired Charter Landing, a 332-unit value-add multifamily community with premier waterfront views on the St. Johns River in Duval County.
The Hollywood, Florida-based real estate investment group purchased the property from Lichtman Nass Development Group, LLC for $28 million ($84,337 per unit). John Rutherford of Newmark Knight Frank represented the buyer and seller in the off-market transaction, which closed in less than 60 days.
Charter Landing was developed in 1975 on a ±26.6-acre site at 5885 Edenfield Rd. in Jacksonville’s Arlington multifamily submarket. This site offers more than 2,000 feet of frontage on the St. Johns River with more than two-thirds of the units featuring water views.
The community has a mix of 13 unique floor plans in 15 two- and three-story residential buildings. Unit types include one-, two-, and three-bedroom flats as well as three-bedroom townhomes. The average unit is 1,034 square feet with an average in-place rent of $813. The community was 92 percent occupied at the time of sale.
Units at Charter Landing feature fully equipped kitchens with garbage disposals and ice makers, vertical blinds, ceiling fans, large private balconies or patios with storage, individually controlled air conditioning and heat, and washer and dryer hook-ups in select units.
Community amenities at Charter Landing include two swimming pools, two lighted tennis courts, a 24-hour fitness center, a playground, two 24-hour laundry facilities, and a car care area.
The property, which is surrounded by premium single-family neighborhoods and an exceptional array of amenities, is ideally located within 10 minutes of numerous major employment centers, including downtown Jacksonville, Jaxport, Jacksonville University, and Memorial Hospital.
Lichtman Nass Development Group, LLC recently installed new roofs at Charter Landing and Savlan Capital plans to invest $4.3 million more in interior and exterior improvements, including upgraded kitchens, appliances, landscaping, common areas, and amenities such as 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 Savlan Capital Chief Executive Officer Zusha Tenenbaum. “We intend to offer the best units in the market.”
“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,” added Tenenbaum.
Charter Landing is Savlan Capital’s second purchase in the Jacksonville market. In October 2018, the company acquired Exchange South, a ±200,000 business park which has witnessed a 15% bump in occupancy since Savlan Capital’s acquisition. In 2019, Savlan Capital purchased over 750,000-square feet of flex, multifamily and office space in markets throughout the South and Southeast U.S. with plans to expand its portfolio further in 2020.
“We view Charter Landing as a great opportunity that aligns perfectly with our existing portfolio and decades of experience,” said Tenenbaum. “We specialize in identifying value-add flex, multifamily, and office assets; closing quickly and efficiently; and then implementing proven strategies that help our investments realize their hidden potential.”
Savlan Capital acquired Charter Landing, a 332-unit value-add multifamily community with premier waterfront views on the St. Johns River in Duval County.
Savlan Capital has acquired Charter Landing, a 332-unit value-add multifamily community with premier waterfront views on the St. Johns River in Duval County.
The Hollywood, Florida-based real estate investment group purchased the property from Lichtman Nass Development Group, LLC for $28 million ($84,337 per unit). John Rutherford of Newmark Knight Frank represented the buyer and seller in the off-market transaction, which closed in less than 60 days.
Charter Landing was developed in 1975 on a ±26.6-acre site at 5885 Edenfield Rd. in Jacksonville’s Arlington multifamily submarket. This site offers more than 2,000 feet of frontage on the St. Johns River with more than two-thirds of the units featuring water views.
The community has a mix of 13 unique floor plans in 15 two- and three-story residential buildings. Unit types include one-, two-, and three-bedroom flats as well as three-bedroom townhomes. The average unit is 1,034 square feet with an average in-place rent of $813. The community was 92 percent occupied at the time of sale.
Units at Charter Landing feature fully equipped kitchens with garbage disposals and ice makers, vertical blinds, ceiling fans, large private balconies or patios with storage, individually controlled air conditioning and heat, and washer and dryer hook-ups in select units.
Community amenities at Charter Landing include two swimming pools, two lighted tennis courts, a 24-hour fitness center, a playground, two 24-hour laundry facilities, and a car care area.
The property, which is surrounded by premium single-family neighborhoods and an exceptional array of amenities, is ideally located within 10 minutes of numerous major employment centers, including downtown Jacksonville, Jaxport, Jacksonville University, and Memorial Hospital.
Lichtman Nass Development Group, LLC recently installed new roofs at Charter Landing and Savlan Capital plans to invest $4.3 million more in interior and exterior improvements, including upgraded kitchens, appliances, landscaping, common areas, and amenities such as 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 Savlan Capital Chief Executive Officer Zusha Tenenbaum. “We intend to offer the best units in the market.”
“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,” added Tenenbaum.
Charter Landing is Savlan Capital’s second purchase in the Jacksonville market. In October 2018, the company acquired Exchange South, a ±200,000 business park which has witnessed a 15% bump in occupancy since Savlan Capital’s acquisition. In 2019, Savlan Capital purchased over 750,000-square feet of flex, multifamily and office space in markets throughout the South and Southeast U.S. with plans to expand its portfolio further in 2020.
“We view Charter Landing as a great opportunity that aligns perfectly with our existing portfolio and decades of experience,” said Tenenbaum. “We specialize in identifying value-add flex, multifamily, and office assets; closing quickly and efficiently; and then implementing proven strategies that help our investments realize their hidden potential.”
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