Electra Capital, a boutique lender specializing in flexible, short-term multifamily financing solutions, has closed on a $14 million preferred equity investment for the acquisition of St. Johns Plantation, a 400-unit multifamily community in Jacksonville, Florida. Hampshire Properties, an NYC-based privately-held real estate investment firm, acquired the garden apartment community in October of 2020 as the sole investor.
“Jacksonville’s economic outlook remains promising as the region continues to attract advanced aerospace and transportation firms to the area, most recently with Amazon Logistics and Boeing making large-scale investments with hundreds of new jobs,” said Samuel J. Greenblatt, CEO of Electra Capital. “These investments, coupled with apartment leasing activity that’s anticipated to remain elevated, demonstrate the strong fundamentals within Jacksonville, most notably with high quality assets such as St. Johns Plantation.”
“Our expansion into the Jacksonville market presented a unique opportunity to establish a new partnership with an investor active in the local market. Loyal to our value-add investment strategy, the property will undergo significant unit and common area upgrades and streamline operations to unlock the property’s potential. It’s a win-win investment opportunity so we’re pleased to have Electra Capital as a new partner,” added Daniel Rosenthal, Chief Operating Officer of Hampshire Properties.
Built in 1989, St. Johns Plantation is located at 7595 Baymeadows Circle W. One-, two- and three-bedroom units include walk-in closets, crown molding, a sunroom, washer/dryer, dishwasher and disposal. Community amenities feature a sundeck, grill, swimming pool, fitness center and playground.
Situated in southeast Jacksonville, the community is found near a variety of transit routes that offer convenient access throughout greater Jacksonville. J Tuner Butler Boulevard is only five minutes away and Interstate 95 is less than 10 minutes away, bringing residents close to Jacksonville’s beaches and urban center.
About Electra Capital
Electra Capital is a privately owned, alternative lender specializing in multifamily financing solutions, providing short-term capital and advisory services to middle-market real estate firms. Back by its affiliates – including Electra America, American Landmark Apartments, and Electra Real Estate Ltd. – Electra Capital’s investment strategy is highly disciplined and deeply rooted in decades of industry, financial and property management experience. Visit www.electracapital.com.
About Hampshire Properties
Founded in 1988, Hampshire Properties is a family-owned, NYC-based privately held real estate investment firm that invests in multifamily properties with specialization in value-add. As industry veterans with holdings across North America, Hampshire Properties has a proven track record as a successful owner, operator and asset manager -- achieving significant above market returns for investors.
