Bove Development and Remi Properties have sold 5 Thousand Town, a 130-unit award-winning apartment complex at St. Johns Town Center.
The buyer, Town Center Owner LLC, paid $27.1 million, according to a deed recorded April 30 with the Duval County Clerk's Office.
State records show the company is managed by executives of Carroll Organization, a private Atlanta-based real estate firm focused on multifamily investments.
The buyer took out a $14.9 million mortgage with Prudential Insurance Co. of America.
JLL Capital Markets handled the transaction on behalf of the sellers, according to a news release.
Completed in 2013, 5 Thousand Town was a joint venture between Bove and Remi that became known for its array of amenities, including a rooftop terrace with fire pits, sky bar and gaming lounge.
Other amenities include a resort-style pool and a spa-style hot tub, a music café, 1,800-squarefoot fitness center, dog grooming station and auto detailing garage.
JLL International Director Jubeen Vaghefi in a news release noted the Southside submarket offers the strongest rental growth in the past four years in Jacksonville, and rent levels are setting the metro’s high watermark.
Gabe Bove of Bove properties said the sale was a case of “the right person coming along with the right price.”
Bove is currently developing another amenity-laden property, Aphora, a high-rise luxury condo tower on the Intracoastal waterway. It too features a rooftop amenity, this time a rooftop “oasis” with pool and spa services, fireplaces and grills, wine tasting room, bar and billiards room and landscaped gardens.
“We thought we were a leader in innovative apartment development,” Bove said. “We feel this could be leading the way on new condo development.
JLL is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate.
Bove Company is a Jacksonville-based real estate development and design-build construction firm.
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