Tampa-based Blue Rock Partners entered the Jacksonville market this week, buying a portfolio of three apartment complexes for $64.8 million.
The properties — located in Arlington, West Jacksonville and Mandarin — are 95 percent occupied, according to the seller, Philadelphia-based Equus Capital Partners Ltd.
Equus was represented in the transaction by Brian Moulder and Dhaval Patel of CBRE.
The properties are garden-style complexes that advertise proximity to military bases, with rents ranging from $649 to $1,226 for one- to three-bedroom units.
The properties are Madison Savannah Oaks at 6017 Roosevelt Blvd., which sold for $13,582,080; Madison Spring Woods, 445 Monument Road, $30,235,680; and Madison Bay Pointe, 4500 Baymeadows Road, $20,982,240, according to deeds filed Wednesday.
They will be renamed The Park at Marbella, The Park at Via Veneto and The Park at Avellino, respectively.
The three complexes comprise a total of 1,040 units. Two were built in 1973-74 and the third in 1985. Equus bought them in 2008.
Wells Fargo issued a $54.34 million mortgage.
Brad Coe, director of multifamily investment services for Colliers International in Jacksonville, said this week he had already seen three or four trades of “vintage ‘70s properties” this year and expected several more.
The average sales price for such properties has grown from $63,897 per unit last year to $77,614 per unit this year in Northeast Florida, according to Colliers International.
The Equus sale equates to $62,307 per unit.
Blue Rock Partners owns and manages more than 12,000 apartment units in Tampa, St. Petersburg, Clearwater, Lakeland, Fort Myers, Orlando, Birmingham, Ala., and Atlanta, according to its company website.
Equus Capital Partners is a private equity real estate fund manager that operates its multifamily holdings through the Madison Apartment Group. It owns more than 24 million square feet of office, retail, and industrial properties and nearly 13,000 apartment units in the United States.
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