New York investment firm pays $46.7 million for The Point at Town Center apartments

Seller was Jacksonville-based developer Block One Ventures.

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  • | 5:10 a.m. December 4, 2018
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The Point at Town Center apartments at 5116 Gate Parkway North was sold to The Praedium Group.
The Point at Town Center apartments at 5116 Gate Parkway North was sold to The Praedium Group.
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A New York City real estate investment firm purchased The Point at Town Center, a 246-unit apartment community at Gate Parkway and Burnt Mill Road.

The apartments, built this year, was acquired by The Praedium Group, a company that focuses on “underperforming and undervalued assets” throughout the country, according to its website.

A Praedium Group spokesperson said the purchase price and seller's identity were not being released, but public records show the property was owned by Chadbourne I LLC, a subsidiary of Block One Ventures, a multifamily development company in Jacksonville.

The deed released Dec. 4 shows the property was purchased for $46.7 million and a $21.4 million mortgage was obtained. Matthew McAfee, a founding partner of Jacksonville-based law firm Driver, McAfee, Hawthorne & Diebenow, represented the seller. The property was last sold for $6.27 million in April 2016 by JIH Phase III LLC to Chadbourne I LLC.

The Point at Town Center comprises eight three-story buildings with a mix of one- and two-bedroom units from 580 to 1,325 square feet.

“The Point at Town Center presented an opportunity to acquire an institutional quality, garden-style multifamily community in a desirable location adjacent to Jacksonville's largest employment hub (Deerwood Part) and dominant retail center,” said Chris Hughes, principal of The Praedium Group, in a news release.

“We believe Jacksonville is rapidly growing and this location, surrounded by over nine million square feet of office and retail including Jacksonville's renowned St. Johns Town Center, is ideal to ride the growth.”



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