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The Real Deal Miami

Jacksonville apartment portfolio sells for $47,000 per unit

Infinity Acquisitions LLC paid $27.9 milllion for three apartment properties with 593 units
November 19, 2017 04:00PM

Tal Frydman, South Florida senior director of Berkadia

A 593-unit apartment portfolio in Jacksonville sold for $27.9 million or about $47,000 per unit.

Infinity Acquisitions LLC bought the three-property portfolio, the company’s first rental housing acquisition in Jacksonville.

Nova Eagle Communities sold the three apartment complexes: 205-unit Reserve at Water’s Inlet at 6100 Arlington Expressway, 276-unit Magnolia I at 2045 Jammes Road and 112-unit Magnolia II at 2401 Jammes Road.

All three complexes are clusters of two-story apartment buildings. Apartments at both Magnolia II and Reserve at Water’s Inlet have one bedroom or two, and Magnolia I apartments have two or three bedrooms.

Cole Whitaker in the Orlando office of brokerage firm Berkadia represented the seller of the apartment portfolio together with Berkadia’s South Florida senior director Tal Frydman and director Greg Rainey. [Multi-Housing News] Mike Seemuth