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Jax Daily Record Thursday, Mar. 24, 202210:18 AM EST

Midtown Oaks apartments in Southside sold for $24 million 

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The buyers are led buy a company based in New Jersey.
by: Dan Macdonald Staff Writer

The Midtown Oaks apartments at 1706 Art Museum Drive sold Feb. 28 for $24 million.

The 176-unit community, built in 1974, sold for $136,363 per unit.

Midtown Oaks comprises one- and two-bedroom apartments from 750 to 1,050 square feet with monthly rents from $1,100 to $1,360, according to apartments.com. The taxable value is $12,760,440.

The property is on 10.4 acres. Amenities include a dog park, on-site laundry, on-site management and maintenance, fitness center, business center, clubhouse, storage space, picnic area, playground and a pool.

Four limited liability companies, led by majority holder Arch Companies, sold the properties. Arch Companies is a New York City-based real estate investment company.

Two companies affiliated with Ocean Management, a real estate management company, in Jackson, New Jersey, bought the property.

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