St. Johns Town Center apartment complex sells for $41 million
An apartment complex near St. Johns Town Center has been sold for $40.9 million. The Carroll Organization of Atlanta, which owns several complexes in the Jacksonville area, bought the Aventine at Town Center and renamed it Arium Town Center.
Brian Moulder, senior vice president of commercial real estate firm CBRE who worked with the buyer, said the 320-unit complex is 95 percent occupied.
"It’s in good condition,” he said. “They’ll put some money back in, spruce it up and hold it long term."
The complex was built in 1996, nine years before the Town Center opened, and sold for $40.7 million in 2006.
Carroll, a privately held company, has about 13,000 units in five states, including four complexes in the Jacksonville area. All four were purchased in the past 14 months and renamed Arium.
"Our company has probably done half a billion dollars with them in the last year,” Moulder said. “They’re just very bullish on Jacksonville, Orlando and Tampa."
Last month, Carroll paid $122.5 million for a 617-unit luxury apartment complex in Tampa.
SOURCE: The Florida Times Union
