Real Estate

Jacksonville Community Trades In Value-add Play

by multihousingnews.com posted 5months ago 14 views
Creative Realty Partners sold the 216-unit suburban property after three years of ownership. : Creative Realty Partners has sold Planters Walk, a 216-unit garden-style community in Jacksonville, Fla., to Topaz Capital Group. The suburban asset traded for nearly $18.8 million, or roughly $86,800 per unit. Berkadia Director Greg Rainey represented the seller. The new owner tapped Lynd as property manager. Topaz Capital Group is looking to implement a value-add plan, Rainey said in prepared remarks. The community last changed hands in 2017, when the current seller acquired it for $13.4 million from SMG Property Management, Yardi Matrix data shows.

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