American Landmark Buys 420-Unit Jacksonville Community
The new owner will rebrand the property.
Image courtesy of American Landmark Apartments
American Landmark Apartments has purchased Rosemont St. Johns, a 420-unit community in Jacksonville, Fla. The property had previously been under Investcorp’s ownership, according to Yardi Matrix information. The asset will be rebranded under the American Landmark portfolio.
Investcorp bought Rosemont in December 2020 from RangeWater Real Estate, for $72.8 million or $173,214 per unit, the same data provider shows. Walker & Dunlop originated a $54.6 million acquisition loan to aid the transaction.
Rosemont St. Johns came online in 2007 at 12310 Seacrest Lane. The property consists of 16 three-story buildings across a 21-acre site, enclosing 240 one-bedroom, 120 two-bedroom and 60 three-bedroom apartments ranging from 756 to 1,376 square feet.
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Shared amenities include a swimming pool with sundeck, clubhouse with resident lounge and kitchen, 24-hour fitness center, outdoor grilling and picnic areas and dog park. Additionally, Rosemont features grade-level parking with 840 spots, Yardi Matrix data shows.
Jacksonville multifamily keeps steady
The residential community is equidistant between Interstate 295 and Florida State Road 21, which connect Rosemont to downtown Jacksonville, some 16 miles northeast. Walmart Supercenter, Costco Wholesale and Best Buy, as well as several other eateries and retail options, are within a 1.5-mile radius.
Year-to-date, Jacksonville’s multifamily investment volume added up to $588.7 million, with 24 properties changing hands at an average per-unit price of $151,380, according to Yardi Matrix information, almost the same as last year’s figures. During the first nine months of 2024, the metro recorded $536.5 million in sales, with 22 assets trading at an average per-unit price of $150,237.
