Reserve Bartram Springs in Jacksonville sells for $40m

Reserve Bartram Springs in Jacksonville sells for $40m

Published at: 2018-11-30 16:27 | Author: CIJ USA
Fogelman Properties and Thackeray Partners bought Reserve Bartram Springs, a class A apartment complex in Jacksonville, Florida, from Gamma Real Estate for $40m. Located in the city’s Bayard submarket, the 268-unit property was 92 percent leased at the time of the sale. Community amenities include a swimming pool, fitness center, business center and playground. The deal was completed with a $5m Fannie Mae acquisition loan provided by Greystone and the assumption of a $23.5m Fannie Mae loan, both of which mature in 2026.

“The community was a great fit for our partnership as it sits directly within the path of growth in southeast Jacksonville and is located within 1 mile of the Pavilion at Durbin Park, a 2.4 million sq ft mixed-use development which is currently under construction,” said Mike Aiken, vice president of acquisitions for Fogelman Properties.

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