Jacksonville apartments sold as part of $122 million transaction
A Jacksonville apartment property has been sold to a New York investment group in a portfolio deal totaling $122 million and spanning four states.
Brian Moulder and Dhaval Patel, both executive vice presidents with CBRE Inc., brokered the deal between the Atlanta-based Carroll Organization and New York Beachwold Residential.
The Jacksonville 288-unit Arium Danforth off Hodges Boulevard was one of four properties sold to Beachwold Residential. The other properties were Arium Lagoon in Panama City, Florida; Arium Links in Savanah, Georgia and Arium Parkside in Nashville.
The transaction closed last week, Moulder said.
Moulder helped put together a deal on the same grouping of apartment properties a little more than three years ago to the Carroll Organization for $103.5 million when the Carroll Organization bought the portfolio, he said.
It’s been a busy few weeks for Moulder and Patel as on Tuesday the pair closed a seperate $46 million transaction that saw Ontario, Canada-based Cherishome Living buy the 432-unit Waterford at Mandarin. The CBRE brokers represented the seller, the Harbor Group, in that deal. Moulder said that CBRE also put together the financing for the Waterford at Mandarin transaction.
Moulder said the buyers on Waterford at Mandarin plan on doing interior renovations on the property, which was built in 1989.
A few other apartment deals should close in the coming weeks, Moulder said.
SOURCE: BIZJOURNALS.COM
