Alliance Residential Co. of Phoenix, Ariz., sold the Broadstone Beach House apartments to Bluerock Real Estate Holdings of New York for $46.5 million.
The deed, recorded June 2 with the Duval County Clerk of Court, shows the sale was completed April 28.
Alliance Residential completed the 228-unit complex in 2009 in Jacksonville Beach. It is on an 11-acre site at 1300 Shetter Ave.
As of April 1, it was 95-98 percent occupied, according to Alliance Development Manager Tim Graff.
Alliance Residential, through Broadstone Jacksonville Beach LLC, sold the property to BR Beach House DST, part of Bluerock.
Alliance Residential intends to remain active in the market. It wants to build the 263-unit Broadstone River House on the Southbank.
In April, the company applied for permits that show a $26.6 million construction cost for the two five-story structures at 1655 Prudential Drive. Completion will take about two years.
Bluerock also is involved in a Southbank-area project.
BR ArchCo ESM LLC, a venture of Bluerock Residential Group REIT Inc. of New York and ArchCo Residential LLC of Atlanta, intends to buy property a mile south of the River House site for the long-expected East San Marco project.
ArchCo Residential has said it expects the permit to be issued in August for the 239-unit multistory apartment building, which will include ground-floor retail space to include a Publix Super Market.
CBRE Executive Vice President Brian Moulder represented Alliance Residential in the transaction.
“The Beaches market is extremely hot,” Moulder said. He said the buyer believes the property is a safe and viable investment for its fund.
A Bluerock representative did not return telephone calls.
2 Jacksonville apartment properties sell for $47M
ELRH Investments of North Palm Beach and Robbins Property Associates of Tampa bought two Jacksonville apartment communities in deeds recorded last week.
Through Reserve at Mandarin LLC, the partners bought the 500-unit Reserve at Mandarin apartments at 4083 Sunbeam Road for $36 million. The apartments formerly were Victoria Park.
Through Beacon Pointe LLC, it paid $11 million for the 181-unit Palms at Beacon Pointe at 1251 Beacon Point Drive in the Regency area. The community formerly was the Park at Regency.
Both were developed in the mid-1980s and sold for about $69,000 a unit.
Capital One Multifamily Finance LLC issued a $27 million mortgage to Reserve at Mandarin LLC and a mortgage of $8.25 million to Beacon Pointe LLC.
FRBH Victoria Park LLC and FRBH Park at Regency LLC, in care of BH Management Services LLC in Des Moines, Iowa, sold the properties.
CBRE Executive Vice Presidents Brian Moulder and Dhaval Patel represented the seller.
The sale took place last Monday and the deeds were recorded Wednesday.
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