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Jax Daily Record Wednesday, May 15, 201905:20 AM EST

Arlington apartment community sold for $55.6 million

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West Palm Beach investor buys the 440-unit Avia St. Johns complex, renames it St. John's Forest Apartments.
by: Scott Sailer Staff Writer

West Palm Beach-based Priderock Capital Partners LLC paid $55.6 million May 7 to buy the former Avia St. Johns Apartments community in Arlington. It has been renamed St. John's Forest Apartments.

Priderock’s Managing Partners David Khoury and George Banks purchased the property through PRCP-St. John’s Avondale LLC and PRCP-St. John’s Forest LLC.

The seller, AJ St. John Gardens LLC, bought the property in 2016 for about $37.93 million.

The buyer secured a $41.39 million 10-year mortgage on the property from Walker & Dunlop LLC.

The 32-building, 440-unit apartment complex was built in 1989 and expanded in 1996 and 1997. The site is 7925 Merrill Road.

The community features one-, two- and three-bedroom apartments from 719 square feet to 1,412 square feet in size, along with swimming pools, tennis courts, fitness center, clubhouse, private garages, jogging trail, pet park, car care center, outdoor kitchens, playground and a business center. Monthly rents range from $940 to $1,400.

Officials with Priderock Capital Partners LLC did not respond to requests for comment.

Priderock owns and manages more than 14,000 units in 16 states. Its prcpllc.com site states it manages “above-average risk adjusted returns for third-party institutional and high net worth investors.”

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