A St. Louis-based developer and investor paid $67.75 million Dec. 3 for the 306-unit Ravella at Town Center apartments.
The project was completed in 2018 at 4674 Town Center Parkway in The Strand at Town Center.
Ravella Apartments LLC, an affiliate of The Michelson Organization, bought the project and secured a $42 million mortgage from Nationwide Life Insurance Co.
Houston-based Stanmore Partners, through Stanmore/ADEF Jax Owner LLC, sold the property. Stanmore bought the 5.58-acre site for $7 million in 2016 and completed construction of Ravella in 2018.
The total job cost listed on the main building permits, which includes a seven-level parking structure, was almost $32 million.
One-, two- and three-bedroom units at Ravella range from 650 square feet to 1,435 square feet with monthly rents from $1,350 to $2,165.
Amenities include a fitness center, pool, spa, business center, game lounge, dog park and spa and outdoor fire pit.
The Michelson Organization, founded in 1927, says it specializes in the acquisition, construction, management, leasing and disposition of multifamily residential properties. The privately held company is led by President Bruce Michelson.