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Commercial Real Estate
Business Observer Friday, Dec. 5, 2014 5 years ago

New Jersey's Jones Walker Holdings buys Jones Walker Palm Gardens

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A Teaneck, N.J. company led by Aziel Mandel purchased the 80-unit Jones Walker Palm Gardens apartment complex for $2.4 million.

BUYER: Jones Walker Holdings LLC (manager: Aziel Mandel), Teaneck, N.J.
SELLER: Jones Walker Investors LLC
PROPERTY: 2909 Blount St., Fort Myers
PRICE: $2.4 million
PREVIOUS PRICE: $1.83 million, October 2010
LAW FIRM ON DEED: GHC Housing Partners LLC, Sherman Oaks, Calif.

PLANS, DESCRIPTION:
A Teaneck, N.J. company led by Aziel Mandel purchased the 80-unit Jones Walker Palm Gardens apartment complex for $2.4 million.

The price equated to $30,000 per square foot. That figure is lower than the average price per unit for multifamily space ($70,191) in Southwest Florida, according to the CoStar Group.

The 63,558-square-foot, 11-building development was built in 1970. The CoStar Group reports that units average 790 square feet and that 75 of are rent-subsidized by the U.S. Department of Housing and Urban Development.

The purchase entity, Jones Walker Holdings LLC, mortgaged the property to Pillar Multifamily LLC for $1.92 million.

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