JACKSONVILLE, FLA. — Berkadia has arranged the sale of Addison Landing in Jacksonville. WRH Realty out of St. Petersburg, Florida, sold the 289-unit community to Tampa-based Argyle Real Estate Capital. According to public records, the asset traded for approximately $44.8 million.
Senior Director Greg Rainey and his team at Berkadia Central & North Florida represented the seller. Matt Robbins, Mitch Sinberg, Brad Williamson, Scott Wadler and Hugo Hernandez of Berkadia Boca Raton and Miami lined up financing for the buyers, which included a $31.3 million, Freddie Mac-backed loan with a 10-year term, floating rate and seven years of interest-only payments.
According to Berkadia, the new owner will lightly upgrade the property. Addison Landing was 96 percent occupied at the time of sale.
Built in 2007 on a 19-acre site, Addison Landing is a garden-style community consisting of 34 two- and three-story buildings. The property offers seven different floor plans. Select units have private fenced yards. Amenities include a pool, outdoor kitchen and poolside lounge; a clubhouse with a fitness center, kitchen, billiards room and a business center; a playground and a dog park with a dog wash area; a package locker system; detached garages; and valet trash service.