The Landings at Lake Gray apartments was sold Thursday to a partnership of Balfour Beatty Communities and ApexOne Investment Partners for $34.6 million, up 12 percent from its previous sale two years ago.
Balfour Beatty, based in Malvern, Pennsylvania, and ApexOne, headquartered in Houston, bought the property through Landings (Jacksonville) Owner LLC
The seller was Landings at Lake Gray LP, a subsidiary of Tampa-based American Landmark LLC. CEO and President Joseph Lubeck signed the deed.
Lubeck bought the property in March 2017 through Robbins Electra for $30.9 million,
The property was acquired through a $31.47 million multifamily mortgage arranged by CBRE Capital Markets Inc.
The Landings at Lake Gray was built in 2005 at 6500 Lake Gray Blvd. in West Jacksonville. The site is southeast of the Collins Road and Interstate 295 interchange in West Jacksonville.
The 300-unit community comprises 96 one-bedroom,148 two-bedroom and 56 three-bedroom units. Sizes range from 732 square feet to 1,213 square feet.
Apartments feature plank flooring, designer cabinets, plantation-style blinds and in-unit washers and dryers. Some layouts include granite counters, vaulted ceilings and garages.
Amenities include a clubhouse, pool, dog park, fitness center, outdoor kitchen, playground, package service and pet care.
“Renovations are planned immediately for upgrading curb appeal through landscaping and improvements to the amenities, and interior renovations to modernize kitchens, flooring and lighting,” said Gen Bauer, senior vice president of Balfour Beatty Communities, in a news release,
A CBRE release said Shelton Granade, Joe Ayers and Cliff Taylor represented the seller in the transaction.
“West Jacksonville had the second-highest rent growth among all North Florida submarkets last year and is anticipated to be a leading rent-growth submarket over the next five years,” said Joe Ayers, CBRE vice president.