Three Arlington-area apartment complexes were sold last week 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.
Last week’s deeds, recorded Monday with the Duval County Clerk of Court, 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.
Market research by the Colliers International commercial real estate services company found that through July, the lowest price paid per unit for apartment sales was $23,641 for Monterey Manor, built in 1960 and renovated in 1980, in Arlington.
The highest price per unit was $206,870 for 5 Thousand Town, built in 2013 at St. Johns Town Center.
Permits pending for Alaqua apartments
Fort Family Investments is preparing to build the 218-unit Alaqua apartments in Flagler Center at 13490 Gran Bay Parkway, exhibiting the trend forecast by Colliers International in its midyear multifamily market update.
Colliers said demand for new units was expected to significantly exceed supply growth over the next 18-24 months, citing positive economic and employment trends.
Summit Contracting Group is the contractor for the estimated $21.5 million construction project on almost 11 acres.
Permit applications show three two-story buildings and seven three-story structures. Site plans show nine apartment buildings and a clubhouse.
The 218 units comprise 96 one-bedroom, 92 two-bedroom and 30 three-bedroom units.
Donald Fort is the manager of Alaqua Rental Community LLC.
Fort Family Investments owns five multifamily communities — three along Baymeadows Road East, one along Southside Boulevard and another in Jacksonville Beach.
The Alaqua apartments are at Gran Bay and Flagler Center parkways, next to the Gran Bay Apartments.
Site plans filed for Holiday Inn Express
The Holiday Inn Express & Suites proposed for North Jacksonville is under city review.
Hotelier Philip Murphey wants to build a four-story, 93-room Holiday Inn Express on 2.6 acres at 1120 Suemac Road, at northeast Interstate 295 and Commonwealth Avenue.
Murphey said previously that construction on the $9 million project would take nine-12 months after site work was completed to prepare soil for the project.
Murphey’s Murphco of Florida Inc. bought the 2.6-acre site in 2002 from N.G. Wade Investment Co.
He formerly owned the Quality Inn Conference Center across the street at 6802 Commonwealth Ave. before selling it in 2013. Murphey and his father built the original Holiday Inn in 1981 and expanded in 1987. It was converted in February 2011 to a Quality Inn.
Sauer lands Brooks renovation
Sauer Inc. will renovate the first-floor common area at Brooks Rehabilitation. Sauer said Tuesday the $1.3 million project will be completed in the spring.
Renovations of the 12,000-square-foot space will include the lobby, vestibule entrance, administrative areas, break room, patient waiting area and restrooms, along with modernization of the elevators.
Brooks Rehabilitation is at 3599 University Blvd. S.
(904) 356-2455