JACKONVILLE, FL-In its first deal in the Sunshine State since September 2010, JRK Property Holdings has snapped up Citigate Apartments. The 444-unit class A multifamily complex sold for $55 million.
Citigate is one of Jacksonville’s premier class A multifamily properties. The apartments are located in the fast-growth Southside/Deerwood submarket. Built in 2009, the multifamily property offers one-, two- and three-bedroom units.
JRK’s discretionary Multifamily Platform fund, which was raised in early 2011 and has purchased over $500 million of multifamily properties since inception, provided equity for the purchase. The remaining capital structure was financed by a first mortgage loan arranged by Northmarq and AmeriSphere on behalf of Fannie Mae.
Citigate boasts top-of-the line interior finishes such as stainless steel appliances and granite-look countertops, as well as luxury amenities such as a state-of-the-art fitness center.
JRK owns and operates over 47,000 multifamily units throughout the United States, including over 2,700 in Florida. Lee says has been looking to add to JRK’s Central Florida portfolio, as well as Jacksonville.
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