Mission Spring Apartments
Mission Springs Apartments near Ortega sold June 13 for $35.15 million.
The 72 building, 444-unit community is at 5121 Catoma St. and 5327 Timuquana Road.
The buyer is Texas-based Lynd Opportunity Partners through Mission Springs JV Owner 2019 LLC. The deal is a joint venture with New York City-based Topaz Capital, a private equity firm.
The new owner plans to spend more than $5 million on upgrades for the community.
“Rent growth and median income increases are exceptionally strong in Jacksonville compared to the national average,” said Lewis Borsellino Jr., Lynd’s director of acquisitions.
The seller, Jacksonville-based IAVF Mission Springs LLC, bought the property in 2017 for $26.3 million. The sale is a 33.6% increase in two years.