Mayfair Investment, Navarino JV Acquire Park Village Apartments

ORANGE PARK, FL—A joint venture of Northeast-based buyers has acquired the Park Village Apartments here for $10.85 million.

The deal for the 120-unit property in this Jacksonville suburb calculated out to approximately $90,400 per unit. The property was acquired by a joint venture of Mayfair Investment Partners of New York City and Navarino Capital Management of Bridgeport, CT.

Cushman & Wakefield executive directors Mike Donaldson and Nick Meoli of the brokerage firm’s Florida Multifamily Investment Sales Team represented Dr. Rajan Rakheja in the disposition of the property that was 93% occupied at the time of sale.

Park Village Apartments was developed in 1968 on an approximately 6.5-acre site at 741 Park Ave. in Orange Park. The Clay County community comprises 15 two-story, concrete-block buildings and sits a half-mile from Interstate 295.

Mayfair Investment Partners and Navarino Capital Management intend on overhauling the property to upgrade its curb appeal, unit interior and living quality in order to enhance the complex’s large unit mix that caters to families and working professionals.

Donaldson notes that building off of a partial renovation by prior ownership and significant renter demand for upgraded units in the surrounding area, there is an opportunity to push market rents more than $200 higher with additional unit renovations and common area enhancement.

Earlier this year, Navarino Property Group and Mayfair Investment Partners partnered on the acquisition Seaside Apartments, a 100-unit multifamily property in the Jacksonville Beaches submarket, according to a report in Multifamily Biz.