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Cushman & Wakefield Brokers Sale of Park Village Apartments

November 7th, 2019 · Leave a Comment

Cushman & Wakefield has arranged the sale of Park Village Apartments, a 120-unit, garden-style multifamily community.

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

Park Village Apartments was developed in 1968 on an approximate 6.5-acre site at 741 Park Ave. 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.

Mayfair Investment Partners and Navarino Capital Management intend on enhancing the property to bring the curb appeal, unit interior, and living quality to mirror the property’s exceptional location and desirable large unit mix catering to families and working professionals.

Park Village Apartments was 93 percent occupied at the time of sale. The average unit is 966 square feet.

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