By Karen Brune Mathis, [email protected]
Three Arlington-area apartment complexes were sold last month to a New Jersey investor for $50.6 million.
Castle Hill Partners of Austin, Texas, sold the Caroline Square, City Ridge and the Club at Charter Pointe apartments to Jacksonville Partners LLC of Lakewood, N.J.
The communities comprise 902 apartments, according to their leasing offices, meaning each sold for almost $56,100.
That’s below the $83,750 average sales price for Northeast Florida apartments sold from January through June this year, according to Colliers International. Older units typically sell for less.
The three complexes were built from 1972-75. Castle Hill bought them in 2011 in three separate deals for almost $19.3 million.
BankUnited issued two mortgages, totaling $20.85 million, to two of the limited liability companies set up by the New Jersey group to acquire the properties. KeyBank made a $12.3 million mortgage to the third on the City Ridge purchase.
The deeds comprise:
• Caroline Square, at 5959 Fort Caroline Road, was sold by Castle Hill Partners, through CH-B Caroline Square LLC, to Caroline Square Realty LLC of New Jersey for $19.2 million. The 356-unit complex sits on 16.54 acres and is valued on property records at $7.5 million. Castle Hill paid $8.75 million for it in 2011.
• City Ridge, at 7528 Arlington Expressway, was sold by CH-B City Ridge LLC to City Ridge Realty LLC for $17 million. The 288-unit community, on 14.4 acres, is valued at $8.03 million. Castle Hill bought it for $6.125 million.
• Club at Charter Pointe, at 5501 University Blvd. N., was sold by CH-B Club at Charter Point LLC to Club at Charter Point Realty LLC for $14.4 million. The 258-unit complex encompasses 17.8 acres and is valued at $5.2 million. Castle Hill bought the property for $4.4 million.