Ortega Pines in Jacksonville sells for $10.8m
Quad Property Group bought Ortega Pines, a 152-unit class C community in Jacksonville, Florida, for $10.8m. The 44-year-old property contains a mix of one- to three-bedroom units, with floor plans ranging from 680 to 1,180 sq ft. The new owner is planning to renovate units and update amenities, adding a dog park, a sports area and a business center. The deal was completed with a 10-year, $7.9m Fannie Mae loan originated by Berkadia Point Capital. This is Quad Property’s third multifamily acquisition in two years.
“With its location between the booming Cecil Commerce Center and NAS Jacksonville, the complex is well-situated to capitalize on the First Coast’s impressive growth,” said Jariel Bortnick, principal at Quad Property Group.