Berkadia Brokers $66M Sale of Topaz Villas Apartments in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Berkadia has brokered the $66 million sale of Topaz Villas, a 444-unit multifamily community located at 5327 Timuquana Road in Jacksonville. Greg Rainey of Berkadia’s Jacksonville office led the transaction on behalf of the sellers, Topaz Capital Group and The Lynd Co. Mitch Sinberg, Brad Williamson and Wesley Moczul of Berkadia arranged $53 million in acquisition financing on behalf of the buyer, ROI Capital Group, which plans to rebrand the community. Voya Investment Management provided the three-year, floating-rate loan with extension options and interest-only payments. The loan includes approximately $5.3 million in future funding for capital improvements. Topaz Villas offers one-, two- and three-bedroom apartments that range from 500 to 1,400 square feet in size. Community amenities include two swimming pools, a fitness center, bark park, playground, tennis court and 24-hour emergency maintenance. The property is situated within Ortega Farms, a suburban neighborhood along the Ortega River, and offers convenient access to I-295 and the Naval Air Station Jacksonville.

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