Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of Park Village, a 120-unit multifamily community in the Orange Park submarket of Jacksonville. The final transaction price was $20.2 million, equating to just over $168,000 per unit.
Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller, a partnership between Mayfair Investment Partners, LLC & Navarino Capital Group. Lyfe Properties Group acquired the property.
“Park Village has experienced substantial rent growth and is on its way to becoming a solid class ‘B+’ asset thanks to almost $2 million in capital improvements made by previous ownership,” said Donaldson, Executive Managing Director at Cushman & Wakefield. “Hundreds of buyers were drawn to Park Village because of the growth momentum taking place at the property and within the desirable Orange Park submarket where it’s located.”
Park Village is a 1960s concrete block community located at 741 Park Ave. Amenities include a fitness center, swimming pool, on-site laundry, large floorplans averaging 1,000 square feet and close proximity to Downtown Jacksonville, the Mayo Health Clinic and the Naval complex. The property also offers value-add potential through additional interior upgrades and community improvements.
“Orange Park is becoming one of Jacksonville’s most vibrant submarkets and Park Village is positioned to reap the benefits,” added Meoli, Executive Managing Director at Cushman & Wakefield. “The submarket has seen an average 28 percent annual rent growth, which is outpacing the 25% annual rent growth being experienced in the broader Jacksonville metro area. This is largely being driven by the continued migration of out-of-state residents flocking to the area along with Orange Park’s strategic location.”