Berkadia announced the sale of Topaz Gardens, a 216-unit value-add multifamily property located on the west side of Jacksonville, Florida.
Senior Director Greg Rainey, along with Berkadia Central & North Florida, led the transaction on behalf of the seller, Topaz Capital Group of Miami Beach, Florida.
The firm plans to shift their focus to upgrading their multifamily portfolio with newer, higher quality properties in prime Florida locations. GMC Properties of Jacksonville acquired the asset, rebranding it as Oakview Landing. The sale price was not disclosed.
“Topaz Capital executed a successful value-add strategy, implementing significant capital improvements and enhancing the property’s appeal, consistent with their commitment to enhancing communities,” said Rainey. “The buyer’s deep understanding of the Jacksonville market will allow them to rebrand the asset at a time in which market fundamentals are primed to strengthen, positioning the asset to reach its full potential,.”
Built in 1974 on a 13-acre site at 7350 Blanding Boulevard, the property comprises 24 two-story buildings offering a mix of studio, one-, two-, three-, and four-bedroom units. Topaz Capital recently completed a $1.9 million capital expenditure program, renovating 86 units to a higher standard and fully renovating an additional 130 units.
Topaz Gardens features a clubhouse, fitness center, dog park, swimming pool, laundry facility, and picnic area. Its location in the heart of Orange Park provides convenient access to major employment centers, including Cecil Commerce Center and Naval Air Station Jacksonville, as well as key transportation arteries.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
