Jacksonville Housing Authority & Integral Florida Acquires Westwood Apartments For $35.9M

The Westwood Apartments, a 256-unit multifamily property located at 1171 South Lane Circle in Jacksonville, was sold for $35.9 million. The sale involved a joint venture of Jacksonville Housing Authority and Integral Florida purchasing the property from Interwest Capital. The deal was facilitated by Greg Rainey of Berkadia. The buyer plans to implement extensive renovations, with upgrades to heating, air conditioning, appliances, flooring, roofing, and pool amenities, costing approximately $20,000 per unit.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $35,900,000
• Units: 256
• Price Per Unit: $140,234
• Buyer: Vanessa Dunn - Jacksonville Housing Authority; Integral Florida
• Seller: Alex Roudi - Interwest Capital
• Broker: Greg Rainey - Berkadia
• Date: 02/21/2024
• Market: Jacksonville

Vanessa Dunn, representing Jacksonville Housing Authority and Integral Florida, acquired the Westwood Apartments as part of a strategic investment in the Jacksonville market. Alex Roudi, the previous owner from Interwest Capital, successfully executed the sale of the property. Greg Rainey of Berkadia showcased his expertise by representing the seller in this significant transaction, which marks a promising opportunity for property improvement and community enhancement in the Jacksonville area.