Millennia Housing Development Ltd. closed on its purchase of four low-income Jacksonville apartment complexes Oct. 24 for almost $51 million.
Ohio-based Millennia, which had been managing the properties, bought Eureka Gardens, Washington Heights, Moncrief Village and Southside Apartments, according to our Jacksonville Daily Record news partner.
The Jacksonville Housing Finance Authority issued $81.6 million in Multifamily Housing Revenue Bonds for the purchase.
Millennia bought the properties from GMF-Jacksonville Pool LLC of Cordova, Tennessee.
The complexes are slated for renovations and new names – Valencia Way, Calloway Cove Apartments, The Weldon apartments and Palmetto Glen.
Jeff Crossman, public affairs manager for The Millennia Companies, said in May renovations would total about $40 million, or about $50,000 each for the almost 770 apartments.
The U.S. Department of Housing and Urban Development approved Millennia to take over active site management in December 2016 of Global Ministries Inc.’s Jacksonville properties after Eureka Gardens was found in need of substantial renovations.
City Council adopted a resolution in October 2017 authorizing the Jacksonville Housing Finance Authority to issue up to $90 million in multifamily housing revenue bonds on behalf of the project.
The resolution showed a $52.7 million acquisition and a total development cost of $125.5 million for the four properties.
In May, Millennia submitted building permit applications to renovate and rename:
• Eureka Gardens to Valencia Way at 1214 Labelle St. in West Jacksonville. Upon completion, the complex will comprise about 400 one-, two- and three-bedroom units. It sold for $27 million.
• Washington Heights to Calloway Cove Apartments at 4229 Moncrief Road W. in Northwest Jacksonville. It sold for $13.95 million.
• Moncrief Village to The Weldon Apartments at 1650 Moncrief Village E. in Northwest Jacksonville. It is 94 one- and two-bedroom units. It sold for $4.9 million.
• Southside Apartments to Palmetto Glen at 2301 Westmont St. in South Jacksonville. The property comprises 74 two-bedroom units. It sold for $5.13 million.
NEI General Contracting Inc. of Ocoee is listed as the contractor for all four.
Crossman said in May the rehabilitation, depending on the properties, can include new kitchens and bathrooms and “a lot of capital investment work.” Some properties might get a new roof.
He said all of the capital needs will be addressed as well as the interior units.
“Physically, the property is refreshed and restored and in conjunction with that, we are looking to change the culture of the properties for the better,” Crossman said.
The four complexes were owned by Global Ministries Foundation Millennia Housing Management Ltd. had taken over management.
WJCT news partner WJXT TV-4 reported in February 2017 that Global Ministries Foundation was under scrutiny since its reporting team exposed deplorable living conditions at the apartments that led to a city code enforcement raid that found crumbling staircases, gas leaks, mold and other problems.
HUD had the property reinspected and the conditions led to visits to the property by U.S. Sen. Marco Rubio and a meeting in Washington between city leaders and HUD officials.