Charter Landing is a 332-unit property located adjacent to the St. Johns River in Duval County, FL
JACKSONVILLE, FL—Savlan Capital of Hollywood, FL has acquired its second commercial property here with the purchase of the 332-unit Charter Landing community.
Savlan purchased the development from Lichtman Nass Development Group, LLC for $28 million, which calculates out to $84,337 per unit. The community, first developed in 1975 on a 26.6-acre site at. in Jacksonville's Arlington multifamily submarket, was 92% occupied at the time of the sale.
John Rutherford of Newmark Knight Frank represented the buyer and seller in the off-market transaction. Berkadia's Brad Williamson secured an acquisition loan on behalf of Savlan Capital.
Lichtman Nass Development Group recently installed new roofs at Charter Landing and Savlan Capital plans to invest $4.3 million in further capital upgrades on interior and exterior improvements, including upgraded kitchens, appliances, landscaping, common areas and amenities such as a new dog park.
This site offers more than 2,000 feet of frontage on the St. Johns River with more than two-thirds of the units featuring water views. The community features a mix of 13 floor plans in 15 two- and three-story residential buildings. Unit types include one-, two-, and three-bedroom flats as well as three-bedroom townhomes.
Charter Landing is Savlan Capital's second purchase in the Jacksonville market. In October 2018, the company acquired Exchange South, an approximately 200,000-square-foot business park that has witnessed a 15% bump in occupancy since Savlan Capital's acquisition.
So far this year, Savlan Capital has acquired more than 750,000-square feet of flex, multifamily and office space in markets throughout the South and Southeast U.S. and has stated it has plans to expand its portfolio further in 2020.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
