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Jax Daily Record Monday, Mar. 21, 202207:50 PM EST

Ravella Apartments sell for $92.4 million

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The 306-unit community near St. Johns Town Center sold for $302,000 a unit.
by: Dan Macdonald Staff Writer

Ravella Apartments LLC of St. Louis, Missouri, sold the Ravella at Town Center apartments March 10 to a Tampa company for $92.4 million.

The 4-year-old apartments at 4674 Town Center Parkway sold at a per-unit price of about $302,000.

The seller is part of The Michelson Organization property company. 

Brian Moulder and Dhaval Patel of Walter & Dunlop brokered the transaction for the seller.

The buyer, CX Ravella at Town Center DST, is part of Carter Multifamily Fund Management Company LLC, a real estate company focused on acquiring multifamily real estate investments. 

CX Ravella at Town Center took out a $55 million mortgage from Delaware Life Insurance Co. of Waltham, Massachusetts, the same day.

The 306-unit Ravella community was built in 2018 on 5.57 acres. It has a taxable value of $60.96 million.

The four-story buildings contain one-, two- and three-bedroom apartments ranging in size from 609 to 1,435 square feet. Rents are from $1,520 to $3,770, according to apartments.com. The apartment layouts are named after classical musicians – Bach, Mozart, Chopin, Beethoven and others.

Amenities include a pet play area, car-charging station, business center, lounge, fitness center, pool and a cabana. 

The apartments are across the street from the St. Johns Town Center shopping area.

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