Fort Family Investments sold the 1,112-unit Paradise Island Rental Communities last week for $120 million.
DRA Advisors LLC of New York bought the apartments, at 8787 Southside Blvd., for $107,914 a unit.
“We were approached by them and we were able to make a deal,” said Abe Fort, director of development for Fort Family Investments. He said it was an off-market deal.
Fort said the project was built over four phases from 1990-97. It comprises 60 buildings on about 160 acres.
The property was sold Wednesday through Park Avenues Rental Community Two Ltd.
Fort Family Investments owns seven other communities totaling 1,860 units, including the new Palm Bay Club in Flagler Center.
The same day as that acquisition, DRA Advisors sold another Jacksonville complex.
Through G&I VII Bartram Park LLC, the investment firm sold Carlyle at Bartram Park, a 336-unit community, to JWC Bartram LLC of Providence, R.I., for $45.76 million. That works out to almost $136,177 a unit.
Property records show Carlyle at Bartram Park was developed in 2009 on 18.9 acres at 14701 Bartram Park Blvd., near the Florida 9B interchange at Interstate 95.
JWC Bartram LLC and JWC Jupiter LLC were issued a $29.95 million mortgage by New York Life Insurance Co. They are part of Preston Giuliano Capital Partners of Providence.
Barry Preston and Michael Giuliano said by email the company bought the Carlyle at Bartram Park apartments for its Florida portfolio.
They said PG Capital has been looking at Jacksonville for a few years, “seeking a distinctive property in a mature community with great schools and limited room for additional rental development, yet part of the dynamic Jacksonville market.”
Bartram Park met that target, Preston and Giuliano said.
“It continues to add jobs, shopping and services and has terrific access to the area via the new interchange with I-95,” they said.
The sales price per unit in both deals is much higher than the average $81,000 for the apartments sold in the area last year, according to research from Colliers International.
The Paradise Island acquisition is the second by DRA Advisors this year. In January, it paid $49.1 million for Alta Lakes Commerce Center property as well as a large distribution warehouse in Flagler Center.
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