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Jax Daily Record Tuesday, Mar. 15, 202204:50 AM EST

Riverbank Apartments sold for $80 million

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The 692-unit complex in West Jacksonville was built in 1967.
by: Dan Macdonald Staff Writer

The Riverbank Apartments at 1591 Lane Ave. S. in West Jacksonville were sold Feb. 28 in a multi-company deal for $80 million.

Camelot Property Owner LLC, Camelot Property Owner 2 LLC, Camelot Property Owner 3 LLC and Camelot Property Owner 4 LLC of the Arch Companies of New York sold the property.

The buyer is Riverbank Apts LP and Riverbank Apts II LLC, subsidiaries of Vcorp Services LLC in Davie.

The price is $115,606 per apartment. The property’s current taxable value is $37,371,315.

On Dec. 20, Camelot Property Owner 2 LLC sold a portion of its interest to Camelot Property 4 LLC for $3,112,000. On the same day, Camelot Property Owner LLC sold a portion of its holdings to Camelot Property 3 LLC for $26,774,400.

The complex, built in 1967, comprises 692 one-, two- and three-bedroom apartments from 576 to 1,332 square feet in size.

Apartments.com lists rents at $800 to $1,035 per month.

The apartments are near the Cedar River. Amenities include five playgrounds and five swimming pools, a dog park, fitness center, clubhouse, jogging trails, picnic area with grills and 24-hour maintenance.

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