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Jax Daily Record Wednesday, Dec. 11, 201905:10 AM EST

The Plaza Apartments in Arlington sold for $19.55 million

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A New York investor paid $69,573 per unit.
by: Scott Sailer Staff Writer

Core Topaz Plaza LLC bought The Plaza Apartments in Arlington on Dec. 5 for $19.55 million, or $69,573 per unit.

The 281-unit apartment community was built in the mid-1970s and renovated in 2006.

It sits on 14.58 acres at 3780 University Club Blvd., across from the Fort Caroline Elementary School.

Core Topaz Plaza assumed the Fannie Mae multifamily mortgage from the seller, Plaza 281 LLC, in the amount of $12.12 million.

Plaza 281 LLC, an affiliate of California-based Creative Realty Partners Holdings LLC, acquired the property in 2017 for $14.4 million.

According to CoStar Power Broker information, the property is about 93% occupied.

The apartment community features 168 one- and 113 two-bedroom units ranging from 622 square feet to 885 square feet, renting at an average $1.05 per square foot.

Amenities include a pool, tennis court, a car care area and laundry facilities.

Colliers International Northeast Florida reported that as of June, the average sales price per unit among all apartments sold in the area was $107,875. Older units typically sell for less.

 

 

 

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