Jacksonville issues $81M of bonds for a buyer of 4 low-income rental properties

Cleveland-based Millennia Housing Development paid $52.7M for apartment properties with 768 units and plans to invest about $44M on renovations

TRD MIAMI /
Dec.December 02, 2018 04:15 PM

Eureka Gardens rental housing complex in Jacksonville (Credit: News4Jax)

With financial help from the city, an Ohio company paid about $52 million for Jacksonville apartment properties for low-income tenants and plans to spend about $44 million on renovations.

Cleveland-based Millennia Housing Development Ltd. paid about $69,000 per unit for 768 units across four apartment properties.

Millenia is financing the acquisitions and renovations with the proceeds of an $81.6 million issue of multifamily housing bonds by the Jacksonville Housing Finance Authority.

Millenia had been managing the apartments for the seller, GMF-Jacksonville Pool LLC, based in Cordova, Tennessee.

The rental complexes previously had been owned by an organization called Global Ministries Foundation, which spent little on the maintenance of the properties and triggered a city code-enforcement raid.

The Cleveland-based company will renovate and rename the four apartment properties, which range in size from 74 units (at Southside Apartments) to 400 units (at Eureka Gardens).

The general contractor for the renovation work will be NEI Contracting Inc. of Ocoee. [Jacksonville Daily Record]Mike Seemuth


Related Articles

arrow_forward_ios
Matt Rieger and a rendering of Paradise Lake Apartments

Developer scores financing for West Kendall affordable housing project

Wynwood 25 and Wynwood Annex with Jon Paul Perez and Jonathon Yormak (Credit: East End Capital/Related Group)

Related, East End score $136M refi of Wynwood projects

These real estate power players are involved in 2019’s juiciest lawsuits (Credit: Getty Images)

Here are South Florida’s juiciest lawsuits of 2019

Best of TRD 2019 promo

Coming soon: The Real Deal’s Best of 2019

Madison Realty Capital'a Josh Zegen and Fort Partners' Nadim Ashi  

Four Seasons in Fort Lauderdale scores $210M loan

From left: Andrea and Renzo Rosso

Diesel family dishes on Wynwood condo project

Daily Digest Miami

South Florida home sales struggle in October, Cipriani and Terra plan luxury condo

Rendering of Sailboat Bend II

Affordable housing project in downtown Fort Lauderdale lands $27M loan

arrow_forward_ios
Loading...