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Jax Daily Record Wednesday, Dec. 1, 202105:22 PM EST

The Canopy at Belfort Park sells for $44.3 million

The property comprises nine buildings on 10 acres that were built in 2013.
by: Dan Macdonald Staff Writer

The Canopy at Belfort Park apartments at 7750 Belfort Parkway sold Nov. 19 for $44.3 million.

The sale represents a price of $230,729 for each of the 192 units.

TC Belfort Park LLC of Greenwich, Connecticut, sold the property to 7750 Belfort Owner LLC of Mission Viejo, California.

Cliff Taylor and Joe Ayers of CBRE represented the buyer in the transaction.

The Canopy at Belfort Park comprises nine buildings on 10 acres that were built in 2013. It includes one-, two- and three-bedroom units ranging in size from 690 square feet to 1,375 square feet. Rents are from $1,177 to $1,624, according to 

Amenities include a car wash, business center, clubhouse, conference room, fitness center and pool.

“With light cosmetic upgrade to the asset, the buyer expects to see rental growth comparable with nearby best-in-class assets in what is Jacksonville’s premier multifamily submarket,” Taylor said in a news release.

“Jacksonville is currently ranked the number three market in the US for rent growth over the trailing seven quarters and Canopy at Belfort Park will be a major beneficiary of this incredible growth,” he added.

TC Belfort Park bought the apartments in 2017 for $26.5 million from Canopy at Belfort Apartments LLC of Atlanta.

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