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

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.