Canopy Creek Apartment Homes in North Jacksonville is under new ownership.
HH Canopy Creek LLC purchased the 27-building, 300-unit complex from BW River Oaks LLC of New York City on Monday for $18.6 million, according to Duval County Clerk of Courts records.
The complex is at 11291 Harts Road near Interstate 95 about 5 miles south of Jacksonville International Airport.
The new owner is a subsidiary of Harvest Holdings LLC of Delray Beach, according to the Florida Division of Corporations. The company borrowed $12.99 million for the purchase. The lender is Walker & Dunlap of Bethesda, Maryland.
According to the Duval County Property Appraiser’s office, Canopy Creek, built in 1975, has a tax value of $10 million.
Rents at Canopy Creek are $590-$650 for a 700-square-foot, one-bedroom unit to $880-$900 per month for a three-bedroom, 1,350-square-foot apartment.
Applying the gross rent multiplier to an average rent of $970 per month suggests the buyer can recoup its investment in just over five years.
Harvest Holdings officials were unavailable for comment.