December 2, 2019
Hollywood, FL-based real estate investment group Savlan Capital has acquired Charter Landing, a 332-unit value-add multifamily community with waterfront views on the St. Johns River in Jacksonville. The sales price was $28 million.
Charter Landing was developed in 1975 on a 27-acre site at 5885 Edenfield Rd. in Jacksonville’s Arlington multifamily submarket. This property offers more than 2,000 feet of frontage on the St. Johns River, with more than two-thirds of the units featuring water views. The community was 92% occupied at the time of sale. Amenities at the community include two swimming pools, two lighted tennis courts, a 24-hour fitness center, a playground and a car care area.
John Rutherford of NKF represented both Savlan and seller, Lichtman Nass Development Group, in the off-market transaction. Additionally, Brad Williamson of Berkadia’s Miami office arranged $21.5 million in acquisition financing for the property.
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