Southeast Property Enters Jacksonville Market With Distress Purchase

The two properties traded for $20.3 million.

Southeast Property Group has acquired a two-property multifamily portfolio in Jacksonville, Fla. from Chetrit Group for $20.3 million-dollar. The 328-unit portfolio, which represents the company’s entry into this market, is a distress purchase and Southeast is embarking on a $9.7 million renovation program.

Southeast Property Group Principal Joe Rubin says both assets were purchased at below market pricing. The company learned of the opportunity from an off-market brokerage relationship.

The properties were originally acquired as part of an 8,000-unit portfolio, secured by a loan from JP Morgan.

Berkadia secured a fixed-rate, three-year loan of $21 million for the deal.

Shutts and Bowen LLP attorneys, Scott A. Marcus and Philip C. Rosen, and Fox Rothschild attorney, Sean P. Coyle represented Southeast Property Group in the transaction.