7350 Blanding Blvd.
Jacksonville, FL 32244
Acquired in Mid 2020
Opportunity to increase market value with modern amenities + unit upgrades.
TOPAZ acquired this property with the same syndicate of domestic and international UHNWI and Family Offices partners in Q4-2020. The deal was structured with staggered hold periods with nuanced exit strategies; tiered and complementary renovation programs, thoughtful and diligent business plans to optimize returns. The debt and ownership structures were tailored to suit LP regulatory, tax and investment objectives. Flexibility in operating agreements accommodate our LP investor’s tax sensitivities and reporting requirements.
Property Website: www.LiveTOPAZGardens.com
Number of Units: 216
About Topaz Gardens
In addition to interior renovations, a key business objective create new amenities that are expected from this quality property. Creating these essential amenities will modernize the property and allow Topaz Gardens to compete and be a leader amongst the other top rental communities in the submarket. The exceptional amenity package along with the incremental revenue from tiered unit interior and exterior upgrades will be significantly accretive to the property’s market value.
- Acquired off-market for $18.75M after an unsuccessful marketing process, for a discount due to the assumption of un-attractive debt.
- Located in the Duclay within the West Submarket of Jacksonville.
- Unique opportunity to purchase a well-occupied asset with the lowest rental rates in the submarket.
- Repositioning the property by doing full upgrades and renovations to the interiors and exteriors of the property.
- Unique opportunity to purchase a cash flowing asset in the ever growing Jacksonville market at a discount to market price.
- In addition to the assumption of existing debt, a supplemental loan was provided and well executed by Greystone.