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.
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