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Jax Daily Record Monday, Apr. 5, 202112:55 PM EST

Two West Jacksonville apartment properties sold for $51 million

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A Jackson, New Jersey, group bought the Confederate Point Road communities.
by: Katie Garwood Staff Writer

A group of six New Jersey buyers bought two West Jacksonville apartment complexes last week, according to deeds filed March 25 with the Duval County Clerk of Courts.

The six entities share the same address in Jackson, New Jersey, with Advanced Precision Group, a multifamily real estate company.

They purchased the Preserve at Cedar River Apartments for $33,234,569 and Heritage on the River Apartments for $17,765,431. 

The group bought both properties from Bloomfield Hills, Michigan-based group Princeton Enterprises LLC, through Preserve at Cedar River LP and Heritage on the River LP. 

The 464-unit Preserve at Cedar River is at 4207 Confederate Point Road in West Jacksonville. 

Built in 1971, rents range from $650 to $1,060 a month. It offers one-, two-, and three-bedroom floor plans.

Amenities include a pool, fitness center, laundry facilities, playground, volleyball court, grill area, fishing piers, boat slips and pet play area. Units offer dishwashers, washer and dryer hookups, walk-in closets and balconies. 

The property last sold in 2013 for $15 million. 

The 301-unit Heritage on the River Apartments is at 4375 Confederate Point Road.

Rents range from $745 a month for a one-bedroom to $1,170 for a three-bedroom unit. 

The property has two swimming pools, a grill area, playground, fitness center and laundry facility.

Units offer washer and dryer hookups, central air conditioning, dishwasher and a private lanai. 

The property, built in 1973, last sold in 2012 for $9,975,000. 

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