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Jax Daily Record Wednesday, Aug. 5, 202010:37 AM EST

Maryland real estate investment firm buys Mandarin apartments

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The Point at Arrowhead community sold for $22.8 million.
by: Scott Sailer Staff Writer

A Hanover, Maryland-based real estate investment firm bought The Point at Arrowhead apartment community for $22.8 million July 30.

Maryland Management Co., through Jacksonville 5 LLC, paid $114,000 per unit for the property at 10101 Arrowhead Drive, south of Crown Point Road and the Crown Point Elementary School in the Mandarin area.

The seller was Hunters Way Jacksonville LLC, managed by Pasadena, California-based private equity investment company KCB Real Estate.

The per-unit price was 95% more than in 2011 when KCB bought the community for $11.7 million, or $58,500 per unit.

Colliers International reported in its year-end 2019 Jacksonville multifamily market report that the average sales price per unit was $104,000.

The Point at Arrowhead, formerly the Hunters Way apartments, was built in 1975.

It comprises 26 two-story apartment buildings with 200 one-, two- and three-bedroom units ranging from 704 square feet for a one-bedroom to 1,359 square feet for a three-bedroom unit.

Property amenities include two swimming pools, fitness center, laundry care center, picnic area and playground.

Jacksonville 5 LLC secured a mortgage for $14.82 million from CBRE Capital Markets Inc. on July 30.

 

CBRE's Joe Ayers and Cliff Taylor represented the buyer in the transaction.

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