Houston-based real estate investment trust Stanmore Partners LLC paid $5.36 million March 5 for 19.13 acres along Philips Highway next to the 850-acre Wells Creek community and plans to build a 280-unit apartment community.
Stanmore Partners, through Jax Philips Hwy Apts LLC, amended the land use and rezoned the property in September to develop the apartments.
Stanmore Partners additionally paid $601,000 on March 5 for about 0.01 acres from Eastland Partners, through Wells Creek LLC, to connect to Wells Creek Parkway.
Jax Philips Hwy Apts secured a mortgage March 12 for $35.48 million from Regions Bank.
Tyler Nilsson and Erik Bjornson, senior managing directors of Multifamily Capital Markets at Newmark Knight Frank, represented the seller in the transaction.
The seller, Masterfit Golf Teaching and Fitting Academy Inc., bought the property in 2003 for $900,000.
The property, at 11723 Wells Creek Parkway, is 1.3 miles south of the Florida 9B interchange along Philips Highway in Southeast Jacksonville.
Plans show two apartment buildings and a clubhouse and fitness center with access from Philips Highway and Wells Creek Parkway.
The layout comprises 148 one-bedroom, 112 two-bedroom and 20 three-bedroom units with 467 parking spaces.
Masterfit Golf Teaching and Fitting Academy formerly operated on the property.
The area has been transitioning from agricultural to residential and commercial uses with the development of the Bartram Springs, Nocatee and Wells Creek subdivisions.
Stanmore Partners developed the Ravella at Town Center, a 306-unit apartment community in The Strand at Town Center that was sold to a St. Louis investor Dec. 3 for $67.75 million.
Stanmore Partners has developed more than 40 properties comprising more than 12,000 units exceeding 10 million square feet across the country.
