JACKSONVILLE, FLA. — New York-based Cyclone Investment Group, in a joint venture with Skywood Properties, has bought a three-property multifamily portfolio totaling 842 units across Jacksonville. Cliff Taylor and Joe Ayers of CBRE represented the seller, Los Angeles-based Oro Capital Advisors, in the $96 million sale. The three properties were Cross Creek Apartments, Riverview Apartment Homes and The Columns.
Located at 1441 Manotak Ave., Cross Creek Apartments is a 29-building property featuring 292 apartments with an average size of 961 square feet. Community amenities include a pool, play area, laundry facility and gated access.
Riverview Apartment Homes is a 21-building property that includes 304 apartments with an average size of 952 square feet. Located at 301 Caravan Circle, the property’s community amenities include a business center, picnic area with barbecue, swimming pool, playground, soccer court and laundry facilities.
Located at 333 Laurina St., The Columns is a 29-building property that includes 246 apartments with an average unit size of 902 square feet. Community amenities include a swimming pool and laundry facilities.
Jeff Kinney and Phil Rachels of CBRE Capital Markets arranged a three-year bridge loan with Arbor Realty Trust on behalf of the buyer. The floating-rate financing is structured at an undisclosed spread over LIBOR and at an 80 percent loan-to-cost ratio.