Berkadia announced today the sale and financing of Promenade Park Avenue, a 105-unit, garden-style multifamily property in Orange Park, Florida. Senior Managing Director Cole Whitaker of Berkadia’s Orlando office and Director Greg Rainey of Berkadia’s Jacksonville office led the $10.55 million sale on behalf of the seller, New York-based Quad Property Group. The seller acquired the property for $6.74 million in December 2017.

“Promenade Park Avenue presents this buyer with an opportunity to continue an already proven value-add strategy while capitalizing on its solid location,” said Greg Rainey.

Promenade Park Avenue was built in 1974 and features 105 renovated and non-renovated units, a swimming pool, and in-unit washer dryer connections in all two-bedroom units. Located at 606 Park Avenue, the property affords convenient access to I-295 with frontage on Park Avenue (66,000 AADT), and is proximate to Orange Park Medical Center and NAS Jacksonville.