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Jax Daily Record Tuesday, Nov. 18, 201412:00 PM EST

Texas investor buys 2 apartment complexes for $62M

by: Carole Hawkins

A Texas investor has purchased two apartment complexes near the River City Marketplace on the Northside for $62 million.

The 552-unit acquisition represents one of the largest apartment sales in Jacksonville this year, said CBRE Capital Markets, which represented the seller.

Olympus Property Management of Pantego, Texas, purchased Mirador at River City and Stovall at River City on Oct. 30 from Cortland Partners, an Atlanta-based multifamily renovation company.

The apartment complexes sit side-by-side at 13100 Broxton Bay Drive and 13000 Broxton Bay Drive, respectively. Each complex sold for $31 million.

Olympus is a multifamily property manager and investor that targets acquisitions in sub-markets with strong employment and growth potential, according to the company’s website.  It seeks A to B- class properties built in the 1980s or later.

Cortland Partners develops, revitalizes and manages mixed-use and multifamily properties in urban and suburban neighborhoods throughout the southern U.S.

It purchased Mirador and Stovall in September 2012 for $26.296 million each from The Spanos Corp. in Stockton, Calif.

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