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Jax Daily Record Tuesday, Nov. 5, 201905:10 AM EST

The Park Village apartments sold for $10.95 million

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Buyers are based in Bridgeport, Connecticut, and New York City.
by: Scott Sailer Staff Writer

The Park Village apartments sold for $10.95 million to a joint venture, 741 Park NM LLC, comprising Mayfair Investment Partners and Navarino Capital Management.

The price is 51% higher than its previous sale three years ago.

The 120-unit, garden-style complex, at 741 Park Ave. in Orange Park, sold for $91,250 per unit. The deed was executed Wednesday.

Navarino Capital Management, based in Bridgeport, Connecticut, is an investment partnership of owner-operator multifamily properties.

It says on its website it is acquiring multifamily properties in Connecticut, Rhode Island and Florida. It focuses on Class B apartments and garden-style communities.

Mayfair Investment Partners LLC, based in New York City, is a real estate owner-operator that says it is a value-add investor seeking long-term asset appreciation.

The apartment community, built in 1968, offers one-, two- and three-bedroom units from 750 to 1,247 square feet. Amenities include a clubhouse, fitness center, pool, playground, sand volleyball court and laundry facilities.

In March, Navarino and Mayfair acquired the 100-unit Seaside Apartments, at 1085 Atlantic Blvd. in Atlantic Beach for $11.25 million.

A Cushman & Wakefield release said Executive Directors Mike Donaldson and Nick Meoli of Cushman & Wakefield’s Florida Multifamily Investment sales team represented the seller, Rajan Rakheja, in the transaction.

Rakheja is vice president of acquisitions with Calgary-based real estate investment firm Proxima Asset Management.

Proxima bought the property through Orange Park 1 LP in 2016 for $7.25 million.

 

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