The Real Deal Miami

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
December 02, 2018 04:15PM

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