The 282-unit Tree House Apartments in Arlington, built in 1973, sold Oct. 22 for $70 million.
The property, at 3500 University Blvd. N., is along the St. Johns River north of the Jacksonville University campus.
The average price per unit was $248,758.
The buyer was The Foundation for Affordable Housing, through FAH Tree House LLC. The foundation says its mission is to provide affordable housing for low- and moderate-income individuals and families.
FAH is based in Omaha, Nebraska, according to the deed filed with the Duval County Clerk of Courts on Nov. 1, 2021.
The seller was Dallas-based S2 Capital, a national multifamily real estate investment company focusing on value-add properties.
S2 Capital, through S2 Casa Del Rio LP, bought the property in 2017 for $28.3 million.
FAH assumed a $60.5 million mortgage from Voya Investment Management LLC and financed an additional $13 million from U.S. Bank National Association, according to the clerk’s office.
Brian Moulder and Dhaval Patel of Walker & Dunlop brokered the sale.
Tree House Apartments comprises two-story buildings with one-, two- and three-bedroom units ranging from 750 to 1,580 square feet.
Amenities include a business center, fitness studio, clubhouse, tennis court, swimming pool, dog park and a dock.