Berkadia Negotiates Sale of Multifamily Property in Jacksonville, Florida
Jacksonville, Florida – November 4, 2024 – Berkadia announced today the sale of Cielo at Normandy, a 123-unit multifamily property located in Jacksonville, Florida. Senior Director Greg Rainey along with Berkadia Central & North Florida led the transaction on behalf of the seller, Zavala Capital Group of Atlanta, Georgia.
Cielo At Normandy sold on October 29 to Black Ridge, a real estate investment firm owning and operating thousands of multifamily units with offices in Miami, Florida, and Montreal, Canada.
“Cielo at Normandy represents an exceptional opportunity for value enhancement.” Rainey said. “With nearly 60% of unit interiors still in classic condition, new ownership is poised to implement a comprehensive interior and amenity upgrade program that will significantly elevate the living experience for residents. In an increasingly dynamic market, these enhancements are designed to foster a vibrant community atmosphere and attract a diverse range of tenants, ultimately positioning the community for sustained success. The property’s park-like setting is in a prime location near major employment centers like the Cecil Commerce Center and Naval Air Station Jacksonville, further bolstering its appeal.”
Located at 1570 Lane Avenue South, Cielo at Normandy was built in 1974 on a spacious 8.2-acre site and features a mix of one-, two-, and three-bedroom layouts with an average size of 933 square feet. The community offers updated interiors in select units, showcasing black appliances, subway tile backsplashes, and resurfaced countertops, enhancing the overall living experience. Community amenities include a pool, clubhouse, laundry facility and playground.
This property offers a prime location just 15 minutes from Downtown Jacksonville and 25 minutes from Jacksonville International Airport, with easy access to major transit routes I-10, I-95 and I-295. It also sits at the nexus of the two largest industrial submarkets in the region – the West Side and Riverside submarkets – home to 63 million square feet of industrial space and 7,000 employees/jobs.
Berkadia Negotiates Sale of Multifamily Property Cielo at Normandy in Jacksonville | Yield Pro