Topaz Capital Group LLC acquired the 216-unit Planters Walk for $18.75 million
Jacksonville, Fla. (September 30, 2020) – Berkadia announces it has arranged the sale of Planters Walk, a 216-unit garden-style apartment community located in Jacksonville, Fla. Director Greg Rainey of Berkadia’s Jacksonville office represented the seller, Creative Realty Partners of Beverly Hills, Calif. Topaz Capital Group LLC of New York City acquired the property for $18.75 million
“Through an assumption of the existing loan, the buyer was able to acquire this well-located asset with plans of implementing a value-add strategy in the future,” said Rainey.
Built in 1974, Planters Walk is located at 7350 Blanding Boulevard and consists of 23 two-story wood-frame buildings on 13.03 acres. The community offers a mix of one-, two-, three- and four-bedroom floor plans ranging from 534 square feet to just over 1,400 square feet. Apartment units include dishwasher, garbage disposal, air conditioning, a patio or balcony, and walk-in closets. Upgraded units include faux-wood flooring and stainless-steel kitchen appliances among other updates. Community amenities include a laundry facility, business center, clubhouse, fitness center, playground, swimming pool and bicycle trail.
“Our conviction towards investing in high demand, financially healthy markets that see outsized employment growth and in-migration continues, and remains a safe choice for us and our investors. The TOPAZ Acquisitions team and our local business partners – especially Berkadia – need to be commended for their outstanding execution of this investment,” said Marc A. Hershberg, Managing Partner, CEO of Topaz Capital Group LLC.
The property is located in Duval County just north of the Orange Park suburb, roughly 12 miles southwest of downtown Jacksonville. The property is conveniently located within 1.5 miles of Route I-295, and within a few minutes of the Naval Air Station Jacksonville and Orange Park Medical Center, and many other large employment and retail destinations.