Myers Apartment Group acquires Portiva in Jacksonville for $50.7m

Myers Apartment Group acquired Portiva, a recently completed 260-unit residential scheme in Jacksonville, Florida, from LIV Development for $50.7m. Located in the city’s Deerwood Club submarket, the four-story building sits near the intersection of Interstate 95 and J. Turner Butler Boulevard. Completed in April, the property’s on-site amenities include a salt water pool, a pet park, a car wash station, complimentary bike sharing, a fitness center and free Wi-Fi in common areas. The sale was completed by a $36.2m Fannie Mae Near Stabilization Execution acquisition loan. The funding, a 12-year, fixed-rate mortgage, was arranged by Berkadia.