ROI Capital Group acquired Topaz Villas, which will be rebranded immediately upon takeover

Berkadia announces it has arranged the sale and financing of Topaz Villas, a 444-unit multifamily community in Jacksonville, Florida. Director Greg Rainey of Berkadia Jacksonville, along with his team, arranged the sale on behalf of the sellers, Topaz Capital Group and The Lynd Company. Senior Managing Director Mitch Sinberg, Managing Director Brad Williamson and Associate Director Wesley Moczul of Berkadia Florida arranged the financing on behalf of ROI Capital Group, which acquired the property for $66 million with a $53 million loan. Topaz Villas will be rebranded by new ownership immediately upon takeover of the asset.

The lender, Voya Investment Management, provided the full-term, three-year, floating-rate loan with extension options and interest only. The loan includes $47.72 million in initial funding and $5.28 million in future funding for capital improvements.

“Topaz Villas is yet another great example of the continued investor appetite for well-located assets in Jacksonville. We are excited to execute for our Seller in a fluid market and can’t wait to see what improvements the Buyer has in store for the community,” said Rainey.

“Located in the heart of Jacksonville, Topaz Villas is well positioned for growth and offers immediate access to an abundance of local shopping, dining and entertainment that will attract and accommodate the growing tenant base,” added Williamson.

Located at 5327 Timuquana Road, Topaz Villas offer one-, two- and three-bedroom apartments that range from 500 to 1,400 square feet. Individual units feature, fully equipped kitchens, private back yards, and washer and dryer connections. Community amenities include two swimming pools, a fitness center, bark park, playground, one tennis court, and 24-hour emergency maintenance.

Topaz Villas is located at Ortega Farms, a suburban neighborhood along the Ortega River with easy access to I-295 and close to the Naval Air Station Jacksonville and is 25 minutes away from Downtown Jacksonville.

HOUSTON, TX – November 29, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces $15.3 million in financing for a 114-property residential portfolio in the Miami-Fort Lauderdale MSA.

The HFF team worked exclusively on behalf of R.O.I Capital Group, a real estate investment group focused on investing in rental housing throughout the southeastern and southwestern U.S.  The loan was facilitated through the Freddie Mac affordable SFR Pilot Program. 

The portfolio includes a mixture of single-family residences and duplex properties in the Miami-Fort Lauderdale-Pompano Beach-Deerfield Beach MSA.  Built between 1951 and 1985, most of the properties were constructed in the 1960’s, with an overall average year built of 1966.  The portfolio is more than 97 percent occupied and approximately 75 percent of the units are designated as affordable to low-income families earning 80 percent of area median income (AMI).  Approximately 90 units were affordable to families earning 90 percent of AMI and approximately 70 percent of the units have a Section 8 contract in place.

The HFF debt placement team representing the borrower consisted of director Matthew Putterman.

“This Freddie Mac loan will be used to make improvements to the portfolio and will enable R.O.I. to acquire and improve additional workforce housing properties,” Putterman said.