Arch Cos. has paid $40 million for Camelot Gardens, a 692-unit value-add community in Jacksonville, Fla. Director John Rutherford of Newmark Knight Frank assisted seller Ty G. Lohman in the deal. According to Duval County public records, Walker & Dunlop provided a $42 million bridge loan for the transaction. This is the company’s second major Jacksonville acquisition in a week, after the purchase of Midtown Oaks.
Camelot Gardens sits at 1591 Lane Ave. S. in the Hyde Park neighborhood, close to Interstate 295. Downtown Jacksonville is 8.5 miles northeast and many shopping and dining options are available roughly one mile north alongside Normandy Boulevard.
Built in two phases in 1969 and 1971, the 59-acre property holds 56 two-story buildings. The one- to three-bedroom apartments range in size from 576 to 1,332 square feet. Community amenities include a playground, a fitness center, five swimming pools and 1,500 parking spaces.
Camelot Gardens was 81.1 percent occupied as of August, per Yardi Matrix data. Arch Cos. intends to renovate and reposition the property according to its value-add strategy.
By: Adriana Marinescu, Multi-Housing News