By Carole Hawkins, [email protected]
The Seagrass Apartments on San Pablo Road, just south of Atlantic Boulevard, sold in February for $56.6 million.
The 397-unit complex was owned by Mesa Capital Partners of Atlanta, which purchased the property in 2013 while it was under construction. The company owns several other Jacksonville properties, including the Canopy at Belfort Park apartments on the Southside.
The InTech Group, a family-owned holding company in Charleston, S.C., bought the complex.
It’s the largest sale of an apartment complex in Jacksonville for years, said Brian Moulder, CBRE senior vice president, multifamily. CBRE represented the seller.
“The market is strong for multifamily,” Moulder said. “The returns on that property were significant for the investor.”
The Duval County Tax Assessor’s 2015 appraised value for Seagrass is $41.4 million.
Seagrass’ amenities package and its location are what made it an attractive buy, Moulder said.
The complex stands out for its 24-hour fitness center, two resort-style swimming pools, tanning bed and game rooms.
It’s located near the Intracoastal, the top-rated Alimacani Elementary School, Mayo Clinic and the Beaches, Moulder said.
“That property does very well. The area is a hot market,” he said.