Westwood Apartments, Jacksonville, FL | Sold by Berkadia 2024

February 15, 2024

Berkadia Negotiates Sale of 256-Unit Multifamily Property in Jacksonville, Florida

Jacksonville, Fla. – February 15, 2024 – Berkadia announced today the sale of Westwood Apartments, a 256-unit, garden-style multifamily property in Jacksonville, Florida. Senior Director Greg Rainey of Berkadia Central & North Florida led the transaction on behalf of the seller, Interwest Capital, a privately held firm specializing in the acquisition, operation and repositioning of real estate based in La Jolla, California.

Westwood Apartments sold to the Jacksonville Housing Authority, with assistance from their partner, Integral Florida, a division of The Integral Group, a leading national real estate and community development firm. The property was 92 percent occupied at the time of the sale.

“Berkadia is honored to have played a part in facilitating the sale of Westwood Apartments to the Jacksonville Housing Authority,” said Rainey. “This transaction represents a significant step towards fulfilling the housing needs of low- and moderate-income families in our community, and we are proud to support this mission of the Jacksonville Housing Authority in providing affordable housing options. While we are grateful for the opportunity to contribute, we acknowledge the collaborative effort of all parties involved in making this deal possible. Together, we are making a positive impact on the lives of families in need.”

Built in 1989, Westwood Apartments features 256 units with renovated kitchens and baths, large closets, washer and dryer, private porches, and more. Located at 1171 Lane Avenue South, the property is within 15 minutes of Westside Jacksonville’s largest employers such as Cecil Commerce Center (7,000+ employees), Naval Air Station Jacksonville (20,000 employees), and St. Vincent’s Riverside Hospital (528-beds). Cecil Commerce Center is home to Amazon, Boeing, GE, FedEx, and Wayfair.

The community also offers convenient connectivity with its proximity to I-10, I-295, and the First Coast Expressway. Westwood is also between the two largest industrial submarkets in the entire Jacksonville MSA: West Side and Riverside. These submarkets are home to a staggering combined total of over 61 million square feet of industrial space, giving the property incredible exposure to a massive industrial hub. This industrial hub contains 13,000+ employees within a five-mile radius of Westwood.

Amid turmoil, Jax Housing Authority making moves | Jax Today

Berkadia Negotiates Sale of 256-Unit Multifamily Property Westwood Apartments in Jacksonville Florida | Yield Pro

Interwest Capital Sells Jacksonville Community for $36M | Multi-Housing News