American Landmark Apartments and RSE Capital Acquire $55 Million Multifamily Asset
The Jacksonville, FL apartment community is set to receive $4.9 million in capital improvements.
JACKSONVILLE, FL – American Landmark Apartments and RSE Capital Partners recently acquired a 440-unit multifamily property in Jacksonville, FL for $55 million.
Eastport Apartments, originally built in 2008, will be rebranded as Mezza, and will receive $4.9 million in capital improvements. The apartments are located at 11701 Palm Lake Drive, featuring one-, two-, and three-bedroom floorplans with a variety of in-unit features such as walk-in closets, dishwashers, disposals and crown-molding, as well as building amenities such as a spa, bike storage, tennis court, picnic area, courtyard and grill.
The firms plan to implement various improvements throughout the property; seeking to create an elevated standard in all units by installing new cabinets, stainless steel appliances, granite countertops, updated plumbing and lighting, USB plugs, subway tile backsplashes, new sinks and framed mirrors. They also plan to update common areas with pool repairs, a locker system, new pool furniture, upgraded landscaping, new signs, as well as clubhouse and fitness center renovations.
The firms identify Jacksonville’s consistent population growth as a motivating factor in the sale, considering the metropolitan area’s growing business sector and 2% rise in population.
A Freddie Mac Green Up loan was arranged by Berkadia’s Boca Raton and Philadelphia mortgage banking teams for the acquisition.
This acquisition marks the 11th joint venture investment for the firms, with $550 million in multifamily transactions over the past two years. This sale also raises American Landmark Apartment’s Florida portfolio to 23 properties, with a total of eight properties located in Jacksonville.
American Landmark Apartments is a Tampa-based, multifamily owner-operator that specializes in the acquisitions and management of value-add multifamily assets in high-growth markets throughout the Southeast. The firm currently owns and manages 25,000 apartments in Florida, Georgia, North Carolina, South Carolina and Texas, adding $2 billion in assets to its multifamily portfolio this year.