By Carole Hawkins, [email protected]
Two Southside apartment complexes recently sold to out-of-state companies.
A New Jersey apartment investor paid $35.2 million for The Hawthorne apartments, near Interstate 295 and Baymeadows Road.
And, Peppertree Lane apartments, near Beach and University boulevards, were purchased by a Birmingham, Ala., real estate company for $8.5 million.
Raia Properties Corp. of Ramsey, N.J., purchased Hawthorne, a 242-unit complex at 8150 Point Meadows Drive from Glenmont Capital Management of New York, according to a deed recorded in May in Duval County.
The six corporations under the Raia Properties umbrella that purchased The Hawthorne also took out a $23.5 million mortgage with New York Life Insurance Co.
The complex’s assessed value was $27,767,100 in 2014.
Built in 2013, The Hawthorne’s one-, two- and three-bedroom unit rent for $992 to $1,545 and from 718 square feet to 1,583 square feet, according to ApartmentGuide.com.
Features include granite countertops, wood flooring, gourmet kitchens, roman tubs and attached garages. Amenities include a premier fitness center and pool with cabanas, grills and a fireside lounge.
The property’s seller, Glenmont, is a real estate private equity fund manager focused on mid-size investments.
Its more than $1.5 billion in assets include multifamily apartment buildings, hotels, industrial complexes, retail shopping centers and distressed residential developments.
Buyer Raia Properties is a third-generation real estate investment management and development company that maintains a portfolio of 3,000 Class A apartments across eight states.
According to its website, the company focuses on income producing, well-occupied and well-located multifamily properties.
The Peppertree Lane complex was bought by Engel Realty Co. from Atlanta-based investor Du Rhone Group, according to a deed recorded Monday with Duval County.
It is a 166-unit garden-style complex at 2800 University Blvd. S.
Peppertree Lane LLC, which is managed by Engel Realty, took out a $6,375,000 mortgage with Walker & Dunlop Commercial Property Funding for the deal.
Built in 1971, Peppertree Lane last sold in July 2002 for $5,625,000. Its assessed value in 2014 was $3,755,400.
Engel Realty develops and owns and manages office, retail, industrial and multifamily investment properties in the Southeast, especially Birmingham.
According to the company’s website its real estate portfolio is valued at more than $250 million.