Savlan Charter Landing LLC bought the Charter Landing Apartments on Wednesday, for $28 million, or $84,337 per unit.
The LLC is managed by Florida real estate investment firm Savlan Capital LLC. Savlan executed a mortgage from Mutual of Omaha Bank for $21.5 million.
Brad Williamson, senior director in Berkadia’s Miami office secured the acquisition loan on behalf of Savlan Capital.
The 332-unit apartment community, at 5885 Edenfield Road, east of University Boulevard, was built in 1975 along the St. Johns River and Mill Cove.
The seller, Charter Landing LLC, an affiliate of Lichtman Nass Development Group LLC, acquired the property in 2014 for almost $12.9 million.
Savlan Capital, based in Hollywood, focuses on multifamily, light industrial, office and business park investment management, acquisition, property management, development and redevelopment.
It specializes in the value enhancement and management of distressed properties.
The property is 92% occupied. It comprises 15 two- and three-story buildings on 26.6 acres, according to a news release from Savlan Capital.
Its one- two- and three-bedroom units and three-bedroom townhomes, comprising 13 floor plans, average 1,034 square feet and an $813 rental rate.
Amenities include a 24-hour fitness center, two swimming pools, a playground, tennis courts, a car care area and laundry facilities.
Savlan Capital plans to invest $4.3 million in improvements, including appliances, kitchen upgrades, common areas, landscaping and a dog park.
“Charter Landing’s average rent per unit is currently 30% below market rate. By making these upgrades and offering residents an improved experience the property will realize its true value,” said Savlan Capital Chief Executive Officer Zusha Tenenbaum in a news release. “We intend to offer the best units in the market.”
In 2018, Savlan purchased the five-building, 200,000-square-foot Exchange South office-warehouse complex at 9143 Philips Highway for $18.3 million.
John Rutherford with Newmark Knight Frank represented the off-market transaction for both the seller and buyer.
