Click to view original article from the Florida Times Union by Scott Butler
The Hollywood, Fla., real estate group plans to invest another $4.3 million in upgrades at the St. Johns River community.
Savlan Capital announced it has acquired Jacksonville’s waterfront Charter Landing apartments for $28 million.
The Broward County-based real estate investment group purchased the 332-unit community from Lichtman Nass Development Group, LLC.
Charter Landing was developed in 1975 on about 30 acres at 5885 Edenfield Road off University Boulevard North. The site offers about 2,000 feet of frontage on the St. Johns River with two-thirds of the units featuring waterfront views.
The community includes about a dozen floor plans in 15 two- and three-story residential buildings. The average rent is $813 the units were 92 percent occupied at the time of sale, Savlan said.
Amenities include two swimming pools, two lighted tennis courts, a 24-hour fitness center, a playground, two 24-hour laundry facilities and a car care area.
The property also is within 10 minutes of downtown Jacksonville, Jacksonville University and Memorial Hospital.
Savlan said it plans to invest $4.3 million in interior and exterior improvements, including upgraded kitchens, appliances, landscaping, common areas and amenities such as a new dog park.
“Charter Landing’s average rent per unit is currently 30 percent below market rate. By making these upgrades and offering residents an improved experience the property will realize its true value,” said Savlan Chief Executive Officer Zusha Tenenbaum.