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Jax Daily Record Wednesday, Jan. 26, 202204:40 AM EST

Mission Pointe Apartments sold for $31.7 million

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New York-based Blackstone is part of the acquisition group.
by: Dan Macdonald Staff Writer

The Mission Pointe Apartments in North Jacksonville sold Dec. 21 for $31.7 million.

Mallards Landing Associates LTD, associated with the Cornerstone Group of Hollywood, Florida, sold the property to 12450 Biscayne Blvd, FL Owner LLC, associated with BREIT Operating Partnership LP of Chicago. It is part of New York City-based investment group Blackstone.

The three-story apartments at 12450 Biscayne Blvd. comprise 388 units. The project was built in 2003 on 43.3 acres. The  unit price is $81,679.

It last sold in 2002 for $1.2 million when Conifer Ridge Inc. of Jacksonville sold the property to Mallards Landing Associates LTD.

The one-, two- and three-bedroom apartments range from 701 to 1,151 square feet in size with monthly rents from $783 to $1,087, according to Apartments.com.

Amenities include a clubhouse with a billiards table, pool, fitness center, playground, sun deck, and business center. 

The gated complex has on-site management and maintenance.

Its accessed value is $18.15 million and the taxable value is almost $9.1 million.

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