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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 – JLL Capital Markets announced today that it has closed the sale of and arranged acquisition financing for Lakebridge Apartments, a 272-unit, value-add, garden-style apartment community in North Houston.
JLL marketed the property exclusively on behalf of the undisclosed seller, and procured the buyer, Sentinel Peak Capital Partners. Additionally, JLL worked on the new owner’s behalf to arrange floating-rate acquisition financing, which was provided by Voya Investment Management.
Lakebridge Apartments is located at 300 Woerner Road in the Spring submarket. Phase I of the property was originally developed in 1984 as condominiums and Phase II was added in 2001. The property features 19 two-story buildings situated on 13.2 acres with residential units averaging 896 square feet. All ground-floor units have been recently renovated. Common area amenities include a swimming pool, lakeside views with fishing access, clubhouse, fitness center, walking trails, dog park, putting green, lush landscaping and 538 parking spaces.
The JLL Capital Markets team representing the seller was led by Chip Nash, Bob Heard, Greg Austin, Chris Young, Joey Rippel, Chris Curry and Todd Marix.
JLL’s Capital Markets debt placement team representing the new owner was led by Campbell Roche and James Brolan.