Middletowne Apartments is a 100 unit family complex in the Orange Park community just outside of Jacksonville, Florida. Set in an attractive single family home development area, Middletowne offers the amenities of single family home living in an apartment setting.
Poor management in a tough market had led to operating deficiencies and the subsequent deferral of critical maintenance needs when POAH acquired Middletowne Apartments. At the time, the relatively low rents and higher vacancy in the Jacksonville market created only limited opportunity for recapitalization but POAH’s creative approach to financing allowed for proceeds from another transaction being financed at the same time to be used for this purpose.
Renovations at the property focused on major building systems, exterior walkways, new roofs, heating and air conditioning systems, and new plumbing in the bathrooms and kitchens. Since the rehabilitation in 2009, attentive and proactive property management has stabilized the occupancy at this property and kept pace with the physical needs of this property. The property includes a community center, picnic pavilion, two playgrounds and a variety of social activities. The community is a short distance to shopping centers, service providers and public transportation.
- Prudential Mortgage Capital Company (PMCC)
- Local Initiatives Support Corporation (LISC)
- Florida Housing Finance Corporation (FHFC)
- Miami-Dade County, Office of Economic and Community Development (OECD)
- US Department of Housing and Community Development (HUD)
Awards and Accolades
Named one of "The 13 Most Creative Deals of 2009" by Apartment Finance Today magazine