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Jax Daily Record Wednesday, May 20, 201512:00 PM EST

Hawthorne apartments sell for $35.2M

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by: Carole Hawkins

A New Jersey apartment investor paid $35.2 million for The Hawthorne apartments, near Interstate 295 and Baymeadows Road.

Raia Properties Corp. of Ramsey, N.J., purchased the 242-unit complex, located at 8150 Point Meadows Drive, from Glenmont Capital Management of New York, according to a deed recorded Tuesday with the Duval County Clerk’s Office.

The six corporations under the Raia Properties umbrella that purchased the complex also took out a $23.5 million mortgage with New York Life Insurance Co.

Built in 2013, The Hawthorne’s one-, two- and three-bedroom apartments rent for $992 to $1,545 for units of 718-1,583 square feet, according to ApartmentGuide.com.

Features include wood flooring, gourmet kitchens and attached garages.

Amenities include a fitness center and pool with cabanas, grills and a fireside lounge.

The complex’s 2014 assessed value was $27.8 million.

The property’s seller, Glenmont, is a real estate private equity fund manager focused on mid-size investments.

Its more than $1.5 billion in assets include multifamily apartment buildings, hotels, industrial complexes, retail centers and distressed residential developments.

Raia Properties is a third-generation real estate investment management and development company that maintains a portfolio of 3,000 Class-A apartments across eight states.

According to its website, the company focuses on income producing, well-occupied and well-located multifamily properties.

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