Jacksonville Community Changes Hands for $97M

Laramar Group acquired the 108-building property in the fast-growing city from CARROLL Organization.

Creekfront Deerwood. Image courtesy of Laramar Group

National real estate owner-operator the Laramar Group has boosted its portfolio in the Sunshine State by acquiring a 616-unit apartment property in Jacksonville, Fla., from CARROLL Organization for $96.8 million. The purchase price for Creekfront at Deerwood, formerly ARIUM Deerwood, equates to $157,142 per unit, according to Yardi Matrix.

Completed in 1986, the sprawling community is located at 9803 Creekfront Road, southeast of downtown in the fast-growing city. The property sits on a 65.3-acre site and comprises 108 residential buildings totaling 644,076 square feet. Residences feature granite countertops, fireplaces and attached garages and come in 15 different floorplans ranging from one- to three-bedroom units and townhomes.

READ ALSO: Jacksonville Multifamily Report – Fall 2020

Creekfront at Deerwood’s amenities include new community center, five swimming pools, a 3,500-square-foot fitness center, a theater room and a secondary office building. The property has easy access to interstates 95 and 295, downtown Jacksonville and Jacksonville International Airport, as well as the Deerwood Office Park, the largest suburban jobs hub in the northern Florida city.

CARROLL bought the community for $74.5 million in July 2017, according to Yardi Matrix records. Cortland was the seller after picking up the asset in 2012. CARROLL, which operates the ARIUM Living apartment brand, chalked up its first pandemic-era acquisitions in October by acquiring three properties in Atlanta, totaling nearly 1,600 units, for about $220 million.

With a population of around 900,000, Jacksonville is considered a strong multifamily market due to the growing concentration of financial, healthcare, manufacturing and logistics employers, among other factors, Laramar indicated in a prepared statement. The company specializes in the acquisition and management of multifamily properties and currently manages communities in more than 20 markets nationwide.

In late November, Laramar closed on the acquisition of the Rio Volcan Apartments in Albuquerque, N.M. Bridge Partners is recorded as the previous owner of the 240-unit property.

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