{"id":1846,"date":"2019-11-04T13:15:20","date_gmt":"2019-11-04T18:15:20","guid":{"rendered":"https:\/\/www.meyer.media\/?p=1846"},"modified":"2019-11-04T12:43:11","modified_gmt":"2019-11-04T17:43:11","slug":"cushman-wakefield-brokers-sale-of-jacksonvilles-park-village-to-navarino-and-mayfair","status":"publish","type":"post","link":"https:\/\/www.meyer.media\/2019\/11\/04\/cushman-wakefield-brokers-sale-of-jacksonvilles-park-village-to-navarino-and-mayfair\/","title":{"rendered":"Cushman & Wakefield Brokers Sale of Jacksonville\u2019s Park Village to Navarino and Mayfair"},"content":{"rendered":"
\"Park<\/a>
Park Village Apartments<\/figcaption><\/figure>\n

Mike Donaldson and Nick Meoli Represented Dr. Rajan Rakheja in the Sale of the 120-Unit Park Village Apartments Community to the Partnership of Navarino Property Group and Mayfair Investment Partners<\/em><\/strong><\/p>\n

ORANGE PARK, FL, November 4, 2019<\/strong> \u2014 Cushman & Wakefield<\/a> has arranged the sale of Park Village Apartments<\/a>, a 120-unit, garden-style multifamily community in the Jacksonville MSA.<\/p>\n

Executive Directors Mike Donaldson<\/a> and Nick Meoli<\/a> of Cushman & Wakefield\u2019s Florida Multifamily Investment Sales Team represented Dr. Rajan Rakheja in the disposition. A joint venture of Mayfair Investment Partners<\/a> and Navarino Capital Management<\/a> acquired the property for $10.85 million ($90,400 per unit).<\/p>\n

Park Village Apartments was developed in 1968 on a \u00b16.5-acre site at 741 Park Ave.<\/a> in Orange Park. The Clay County community comprises 15 two-story, concrete-block buildings and sits a half-mile from Interstate 295, affording the property excellent transportation access across Jacksonville.<\/p>\n

Mayfair Investment Partners and Navarino Capital Management intend on overhauling the property to bring the curb appeal, unit interior, and living quality to mirror the property\u2019s exceptional location and desirable large unit mix catering to families and working professionals.<\/p>\n

Park Village Apartments was 93% occupied at the time of sale. The average unit is 966 square feet.<\/p>\n

\u201cPark Village is a well-located community in the desirable Orange Park submarket with a viable value-add play that the new owner plans to take advantage of,\u201d says Donaldson. \u201cBuilding off of a partial renovation by prior ownership and tremendous renter demand for upgraded units in the surrounding area, there is an opportunity to push market rents over $200 by way of additional unit renovations and common area enhancement.\u201d<\/p>\n

\u201cThe property is an excellent addition to the portfolio of Mayfair and Navarino, who also own in Atlantic Beach and are looking to further expand in the Jacksonville MSA,\u201d added Meoli.<\/p>\n

\u201cMike and Nick demonstrated savvy and poise in navigating the property sale. They are an impressive duo with whom we very much enjoy interacting and working together,\u201d said Mayfair Investment Partners principal Jonathan More.<\/p>\n

Cushman & Wakefield\u2019s Florida Multifamily Team is directed by Robert Given<\/a> and includes Donaldson and Meoli as well as Luis Elorza<\/a> and Brad Capas<\/a> in West-Central Florida; Jay Ballard<\/a> and Ken Delvillar<\/a> in Central Florida; and Zachary Sackley<\/a>, Troy Ballard<\/a>, Calum Weaver<\/a>, Errol Blumer<\/a>, Neal Victor<\/a>, James Quinn<\/a> and Perry Synanidis<\/a> in South Florida. Robert Kaplan<\/a>, Chris Lentz<\/a> and Mark Rutherford<\/a> facilitate debt, equity and structured finance for the team throughout Florida.<\/p>\n

About Cushman & Wakefield<\/strong><\/p>\n

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit\u00a0www.cushmanwakefield.com<\/a> or follow @CushWake<\/a> on Twitter.<\/p>\n

Media Assets<\/strong><\/p>\n

Park Village Apartments Photo<\/a>
\nMike Donaldson Headshot<\/a>
\nNick Meoli Headshot<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Mike Donaldson and Nick Meoli of Cushman & Wakefield\u2019s Florida Multifamily Investment Sales Team have arranged the $10.85 million sale of Park Village Apartments, a 120-unit, garden-style multifamily community in the Jacksonville MSA.<\/p>\n","protected":false},"author":1,"featured_media":1845,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5],"tags":[2609,50,49,4,700,2606,2121,29,33,2608,2604,12,2607,2605,2602,2601,2603,35],"class_list":["post-1846","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pr","tag-741-park-avenue","tag-apartments","tag-commercial-real-estate","tag-cushman-wakefield","tag-disposition","tag-dr-rajan-rakheja","tag-duval-county","tag-florida","tag-jacksonville","tag-mayfair-investment-partners","tag-mike-donaldson","tag-multifamily","tag-navarino-property-group","tag-nick-meoli","tag-north-florida","tag-orange-park","tag-park-village","tag-sale"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.meyer.media\/wp-content\/uploads\/2019\/10\/park-village-photo.jpg?fit=3000%2C1685&ssl=1","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p79IL5-tM","_links":{"self":[{"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/posts\/1846","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/comments?post=1846"}],"version-history":[{"count":1,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/posts\/1846\/revisions"}],"predecessor-version":[{"id":1847,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/posts\/1846\/revisions\/1847"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/media\/1845"}],"wp:attachment":[{"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/media?parent=1846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/categories?post=1846"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/tags?post=1846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}