Two Jacksonville apartment communities sold for a combined $16.91 million on Feb. 2 — about $3.34 million less than what they sold for in 2021.
The 86-unit Southwood Apartments at 4060 Barnes Road in South Jacksonville and the 96-unit Lansdowne Crossing at 1600 Lansdowne Drive in Arlington were purchased by a joint venture of Westmount Square Capital of Beverly Hills, California, and Miramar Capital of Los Angeles.
Think Multifamily of Dallas was the seller.
John Rutherford, senior vice president of multifamily investment sales at NAI Hallmark, and Luke McCann, vice president of NAI Hallmark, brokered the transaction representing the buyer and seller.
“These two properties were carved out of a larger, distressed Jacksonville portfolio and represent an immense operational opportunity for the buyer. WSC was able to creatively execute on this acquisition and given their track record in this asset class, they presented the best opportunity to turn these properties around,” Rutherford said in a news release.
Built in 1960, Southwood Apartments sits on 4.35 acres. The one- and two-bedroom apartments are 485 to 850 square feet. Rents are $865 to $1,593, according to apartments.com.
It offers laundry facilities, laundry service and a picnic area. Management is on-site.
The apartments previously sold in December 2021 for $10.075 million.
Built in 1974, Lansdowne Crossing sits on 5.3 acres. The one-, two- and three-bedroom apartments are 750 to 1,100 square feet. Rents are $808 to $1,350, according to apartments.com.
The community has a pool, laundry facilities playground and business center. Management is on-site.
It was previously purchased in December 2021 for $10.075 million.