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Real Estate
Jax Daily Record Monday, Jun. 14, 202105:00 AM EST

Pair of apartment communities sold for $49 million

A Tampa firm buys The Oaks on Monument, Laurel Pointe Apartments.
by: Katie Garwood Staff Writer

Tampa-based Carter Funds sold two Jacksonville multifamily properties for a combined $49 million.

The Oaks on Monument sold for $31 million and the Laurel Pointe Apartments sold for $18 million, according to a news release from CBRE.

CBRE senior Vice Presidents Cliff Taylor and Joe Ayers represented Carter Funds in the transaction. 

The properties have a total of 422 units. 

Another Tampa-based company, Kimball Key LLC, purchased both properties for an average per-unit price of $116,114. 

“The purchase of these two assets represents a unique opportunity for the buyer to add over 400 value-add units to its portfolio in one of the nation’s best performing multifamily markets. Jacksonville’s resilience throughout the pandemic has been heralded throughout the country and the investment world has taken note,” Taylor said in the release. 

Laurel Pointe Apartments at 3000 Coronet Lane sold for $18 million.

The Oaks on Monument Road at 401 Monument Road near Regency was built in 1975. It last sold in 2018 for $23.2 million.

It offers studio, one-, two- and three-bedroom apartments. Community amenities include a pool, clubhouse, gym, grilling area, playground and laundry. 

Laurel Pointe Apartments at 3000 Coronet Lane, near Beach and University boulevards, last sold in 2018 for $13 million.

One-, two- and three-bedroom floorplans are available. Community amenities include a pool, playground, grilling area, pet park and laundry facilities. 

“The Oaks on Monument and Laurel Pointe both have tremendous upside remaining through the continuation of both interior unit renovations and further upgrades to the common areas and amenity spaces,” Taylor said. “Having the opportunity to add this much scale in one purchase is rare. These assets have weathered 2020, are performing at an exceptionally high level and are poised to continue to benefit from the incredible story that is Florida multifamily real estate.”

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