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.”