A Birmingham, Ala., real estate company paid $8.5 million for the Peppertree Lane apartments, near Beach and University boulevards.
Engel Realty Co. purchased the 166-unit garden-style complex, located at 2800 University Blvd. S., from Atlanta-based investor Du Rhone Group, according to a deed recorded Monday with the Duval County Clerk’s Office.
Peppertree Lane LLC, which is managed by Engel Realty, took out a $6,375,000 mortgage with Walker & Dunlop Commercial Property Funding for the deal.
Built in 1971, Peppertree Lane last sold in July 2002 for $5,625,000. Its assessed value in 2014 was $3,755,400.
Engel Realty owns, develops and manages office, retail, industrial and multifamily investment properties in the Southeast, especially Birmingham.
According to the company’s website its real estate portfolio is valued at more than $250 million.