The 185 units in Southside and Arlington are at 95% occupancy.
Simplicity Capital of Englewood Cliffs, New Jersey, sold the Southwood and Lansdowne Crossing apartments on Dec. 22 to FinCapital Investment of Sunny Isles Beach for $20.15 million.
According to the deeds recorded Dec. 22 with the Duval County Clerk of Courts, the properties sold for $10.075 million each.
The Southwood apartments, built in 1960, comprise 89 units on 4.36 acres at 4060 Barnes Road S. It sold for $113,202 a unit.
The 96-unit Lansdowne Crossing at 1600 Lansdowne Drive was built in 1974 on 5.97 acres. It sold for $104,947 a unit.
Both properties were at 95% occupancy at the time of the sale.
John Rutherford, senior vice president, and Luke McCann, senior associate, at NAI Hallmark brokered the transaction on behalf of the seller.
“The sale of Southwood and Lansdowne Crossing apartments shows a continued, active appetite for value-add multifamily in Northeast Florida. This is in large part due to the accelerated growth of the area’s economy and the large demand for housing as people continue to move to Jacksonville,” Rutherford said in a news release.
“Northeast Florida is poised for even more transaction volume in 2022,” he said.
The buildings are in Southside and Arlington, a 15-minute drive apart. Southwood has studio, one- and two-bedroom apartments. Lansdowne Crossing has one-, two- and three-bedroom apartments.
Both have on-site laundry facilities. Lansdowne Crossing also has a pool, playground and picnic area.
Southwood Property Holdings LLC bought the Southwood apartments from CC Southwood LLC in 2018 for $5.17 million.
Wilton Manors LLC purchased Lansdowne Crossing from 1600 Lansdowne Drive Apartments LLC in 2018 for $5.376 million.
Southwood Property Holdings LLC and Wilton Manors LLC operate under the business name Simplicity Capital, Rutherford said.
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