Berkadia, a distinguished leader in the commercial real estate sector, announced the sale of Addison Landing, a 289-unit multifamily community located in Jacksonville, Florida.
Senior Director Greg Rainey, along with Berkadia Central & North Florida, led the transaction on behalf of the seller, WRH Realty of St. Petersburg, Florida. Matt Robbins, Mitch Sinberg, Brad Williamson, Scott Wadler, and Hugo Hernandez of Berkadia Boca Raton and Miami lined up financing for the buyers.
Berkadia originated a $31.3 million Freddie Mac-backed loan with a 10-year term, floating rate, and 7 years interest-only. The property was acquired for an undisclosed price by Argyle Real Estate Capital of Tampa, Florida.
“Addison Landing presented a rare opportunity to acquire a well-maintained asset with over a decade of meticulous ownership. The Buyer will have the opportunity to unlock additional value through a light enhancement program, capitalizing on the property’s location in a rapidly growing submarket of west Jacksonville near key demand drivers, including Cecil Commerce Center and the First Coast Expressway,” explained Rainey. “This was a great team effort, and we are proud to have partnered closely with Berkadia’s Florida debt team to bring Addison Landing to a successful close.”
Built in 2007 on a 19-acre site at 9455 103rd Street, Addison Landing is a garden-style multifamily community consisting of 34 two- and three-story buildings. The property boasts 7 different floor plans including one-, two-, three-, and rare four-bedroom units. Average unit size is 1,126 square feet, providing some of the largest apartment floor plans in this submarket.
Prior ownership had invested $4.6 million in community enhancements, leaving 241 units (over 80%) in classic condition and ripe for improvements. Select units offer private fenced yards, vaulted ceilings, and lake views. Community amenities include a swimming pool, sundeck, outdoor kitchen and poolside lounge; clubhouse with fitness center, kitchen, billiards room, and business center; playground, bark park with dog wash area, pet stations, and package locker system; and detached garages, valet trash and on-site maintenance.
Addison Landing is 25 minutes from Downtown Jacksonville and 30 minutes from Jacksonville International Airport. The property is conveniently located just minutes from I-295 and the First Coast Expressway, providing convenient access to the entire Jacksonville MSA. The property sits just minutes from the bustling Cecil Commerce Center, which employs over 7,000 employees and includes powerhouse tenants like Boeing, Amazon, and Bridgestone, along with the Naval Air Station Jacksonville (21,000+ employees), and HCA Orange Park Hospital (1,170 employees).
