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Jax Daily Record Wednesday, Dec. 1, 202105:28 PM EST

The Park at San Marco Apartments sell for $11.45 million

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The apartments jumped more than $5 million in value in two years.
by: Dan Macdonald Staff Writer

The Park at San Marco Apartments at 2943 Spring Park Road sold Nov. 22 for $11.45 million.

With 92 units the sale price represents a price of $124,456 per apartment.

Toro Real Estate Partners of Jericho, New York, sold the 4.8-acre property to 2943 Spring Park RD LLC of Jacksonville. The deed was recorded Nov. 29. Its taxable value is $5.54 million.

John Rutherford, senior vice president at NAI Hallmark, and Luke McCann, senior associate, brokered the deal on behalf of the seller.

“The Park at San Marco is a great transaction for both the seller and buyer as it represents a proven full renovation in the immediate submarket that is benefiting from strong population growth and equal renter demand for upgraded or brand new rental options,” Rutherford said.

The apartments were built in 1972. It consists of two- and three-bedroom apartments of 950 square feet to 1,100 square feet.

Rents range from $950 to $1,150 according to Apartments.com. Amenities include a fitness center, playground, grill and picnic area and laundry services. 

Toro Real Estate Partners bought the property from Spring Park Inc. of Florida for $6 million in 2019.

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