New York City-based real estate investment firm buys 692-unit community.
A New York City-based real estate investment firm acquired the 692-unit Camelot Gardens Apartments on the Westside for $40 million.
The community is at 1591 Lane Ave. S., in the Hyde Park area.
Arch Companies, led by managing partner Jeffery Simpson, completed the purchase Sept. 26 through two subsidiaries with tenants in common interests; Camelot Property Owner LLC, a 90.19% interest, and Camelot Property Owner 2 LLC, with a 9.81% interest.
The seller was Ormand Beach-based Eagle Gardens of Jacksonville LLC, with connections to Lohman Property Management Co. LLC. The Lohmans built Lohman Funeral Homes into Florida’s largest family-owned funeral service before selling in 2012 to buy apartment communities.
Eagle Gardens bought the property in 2016 for $27 million. It previously sold in 2012 for $12.2 million.
The 61-building community, built through the late ’60s and early ’70s, has a mix of one-, two- and three-bedroom units ranging from 576 square feet to 1,332 square feet. Amenities include a fitness center, pools, playgrounds, a dog park and a walking/jogging trail.
The buyer acquired a $42 million mortgage from Walker & Dunlop Commercial Property Funding LLC, for property renovations and rebranding.
Arch Companies did not respond to a request for comment.
In the summer of 2018, local television news stations featured the property noting unsafe and unsanitary living conditions at the Camelot Gardens Apartments.