Newmark Multifamily announces the largest value-add transaction this year in the Jacksonville MSA. Newmark facilitated both the sale and financing of a 400-unit, two-story, garden-style asset located at 7595 Baymeadows Circle W in Jacksonville, FL. The property sold for $64,000,000 at $160,000 per unit, making the community an ideal value-add opportunity, offering significant upside with the addition of premium interior upgrades to all 400 units.

Senior Managing Directors Erik Bjornson and Tyler Nilsson represented the seller in the disposition to Brooklyn, New York-based Hampshire Properties. Matt Williams, James Maynard, Kyle Schlitt and Fernando Riboli of Newmark’s Debt & Structured Finance Group arranged the financing for Hampshire Properties through Fannie Mae.

According to Bjornson, “The seller’s expertise in both real estate operations and capital market dynamics resulted in an exceptionally well-maintained asset for the past eight years of ownership. Located within Jacksonville’s premier Southside submarket, the strong performance throughout the pandemic, with rent collections and occupancy remaining above 95 percent each month, is a direct result of the quality and location of the property.” Bjornson added, “The Southside submarket continues to be outstanding for multifamily assets in Jacksonville.”

Hampshire Properties plans to implement a value-add program to the property by upgrading interiors of the rental units. Constructed in 1989, the property known as St. John’s Plantation is centrally located off Southside Boulevard in the heart of Jacksonville’s primary employment hub. The community features mature landscaping and numerous lakes, along with a diverse mix of one-, two- and three-bedroom units that cater to a wide variety of resident profiles. The property was 96 percent occupied at the time of sale.