Blackstone Buys Upscale Jacksonville Community for $90M

The asset previously traded for nearly $55 million, when Canyon Capital Realty Advisors sold the 444-unit property in 2011.
Citigate Apartments. Image via Google Street View

Blackstone has acquired Citigate Apartments, a 444-unit luxury community in Jacksonville, Fla., for $90 million, or $202,702 per unit. JRK Property Holdings sold the asset, according to Duval County records.

The property last changed hands in 2011, when Canyon Capital Realty Advisors sold it for $54.8 million, Yardi Matrix data shows. NorthMarq originated a 10-year, $44.3 million Fannie Mae acquisition loan at the time.

Located on 40 acres at 8451 W. Gate Parkway, the community consists of 13 four-story buildings completed in 2009. The property has one- to three-bedroom apartments between 804 and 1,411 square feet. The amenity package includes a swimming pool, a fitness center, a cyber café, a dog park and outdoor barbecue areas.

The community is a short distance from Ascension St. Vincent’s Southside Hospital and 2 miles east of Interstate 95. Downtown Jacksonville is 10 miles northwest of the property.

The property is 3 miles north of Creekfront at Deerwood, a 616-unit multifamily asset that traded for $96.8 million earlier in December. CARROLL sold the asset to Laramar Group in the metro’s largest multifamily sale of the year, Yardi Matrix shows.