CBRE Capital Markets announced March 13 it has acquired financing for the purchase of Hidden Oaks Apartments in North Jacksonville.
The 64-unit community is at 10825 Key Haven Blvd. It is south of the Baptist North Medical Campus.
Dr. Louis Alaia of Fountain Valley, California, sold the property Feb. 20 through Key Haven Partners LLC for $5.95 million.
The buyer was Gregory Danielson of Newport Beach, California, through JAX1 MC LLC.
Phil Rachels and Jeff Kinney of CBRE in Jacksonville and Darryl Boukedes of CBRE in North Carolina secured a five-year fixed-rate $3.272 million loan through Freddie Mac’s Small Business Loan Program.
Built in 1998, the apartments comprise eight two-story buildings on 5.33 acres.
The 827- to 840-square-foot two-bedroom units come with one or two bathrooms. Rents are $930 to $950 a month, according to apartments.com.
“This acquisition represents a tremendous opportunity for the borrower to implement its value add strategy and improve the property,” Kinney said in a news release.
“The loan structure provided the client with a fixed interest rate along with prepayment flexibility should they choose to sell or refinance, as market conditions dictate, during the loan term.”