Jacksonville Community Trades for $56M
- May 24, 2019
Priderock Capital Partners has acquired St. John’s Forest Apartments, a 440-unit community in Jacksonville, Fla. Harbor Group International sold the asset for $55.6 million, according to Yardi Matrix data. Walker & Dunlop originated a $41.4 million Freddie Mac loan for the acquisition. The property previously changed hands in 2016, when it commanded $37.9 million.
Located at 7925 Merrill Road, 9 miles east of downtown Jacksonville, the property is close to Interstate 295 and the Jacksonville International Airport is approximately 16 miles away. The immediate area is near Mill Cove and has several parks, shopping, dining and entertainment options nearby.
Built in three phases between 1989 and 1997 on a 40-acre site, St. John’s Forest consists of 29 two- and three-story buildings. The unit mix includes one- to three-bedroom units, with floorplans ranging from 793 to 1,299 square feet. Amenities include two swimming pools, two spas, a fitness center, a clubhouse, a tennis court and 670 parking spaces. As of April, the property was 95.5 percent occupied, per Yardi Matrix.
Strong multifamily fundamentals are drawing investors to Jacksonville. Recently, three other communities totaling 552 units changed hands. Toro Real Estate Partners acquired the portfolio for $39 million.