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Black Ridge Acquires Cielo At Normandy Apartments In Jacksonville From Zavala Capital Group For $11.835M

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SOLD
$11,835,000

Florida

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MultiFamily
Sold 10/29/2024
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Property Image
SOLD

Black Ridge Acquires Cielo At Normandy Apartments In Jacksonville From Zavala Capital Group For $11.835M

1570 Lane Avenue South

See Similar Deals
MultiFamily
Sold 10/29/2024
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale

The property involved in this transaction is a multifamily asset located at 1570 Lane Avenue South in Jacksonville. The site encompasses 8.07 acres and features a total of 123 units, with a price per unit of $96,220. The transaction took place on October 29, 2024, and was sold for a total of $11,835,000. The Cielo at Normandy Apartments, built in 1974, is set for significant upgrades to enhance its interiors and amenities.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $11,835,000
  • Buyer: Black Ridge
  • Seller: Zavala Capital Group
  • Broker: Greg Rainey - Berkadia
  • Units: 123
  • Acres: 8.07
  • PPU: $96,220

This transaction reflects the activities of Black Ridge, who acquired the property from Zavala Capital Group after it was sold to a group of Georgia-based investors earlier the same day. The brokerage firm involved in the transaction was Berkadia, with Greg Rainey representing the deal.

Players

Greg Rainey
Cushman & Wakefield
Greg Rainey
8 deals$253.2M volume
BROKER

Details

SOLD
IMAGE: 10/29/2024 ADDRESS: 1570 Lane Avenue South MARKET: Jacksonville ASSET TYPE: Multifamily ~ ACRES: 8.07 BUYER: Black Ridge SELLER: Zavala Capital Group BROKER: Greg Rainey - Berkadia SALE PRICE: $11,835,000 UNITS: 123 ~ PPU: $96,220 NOTE: The Cielo at Normandy Apartments in West Jacksonville sold twice on October 29 for $11.835 million, first to a group of Georgia-based investors and then to Black Ridge. The 123-unit property, built in 1974, is slated for significant upgrades to its interiors and amenities to enhance value and attract tenants.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$631,200.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$42,047.26
Cash-on-Cash Return-1.27%
Monthly Debt Service$56,103.94
Annual Debt Service$673,247.26