Tampa-based American Landmark Apartments, led by CEO and Co-manager Joe Lubeck, announced April 15 the acquisition of Sentosa Beachwalk apartments in the Beachwalk community in St. Johns County.
Brian Moulder and Dhaval Patel, multifamily sector specialists with Walker & Dunlop in Jacksonville, brokered the sale. Moulder said American Landmark paid $79.5 million for the property.
American Landmark plans to rename the 348-unit community, built in 2019 at 65 Sentosa Drive, The Elysian.
The community features one-, two- and three-bedroom apartments from 624 square feet to 1,252 square feet. Amenities include a swimming pool, 24-hour fitness center, fireside lounge, volleyball courts, playground, laundry and dry cleaning and EV charging stations.
American Landmark plans to add USB outlets in each unit, a temperature-controlled package locker delivery system, car wash, dog park and landscaping improvements.
“We remain bullish on the long-term prospects for Jacksonville and other cities in the Southeast, which we anticipate will recover quickly once the country reopens for business,” American Landmark Chief Investment Officer Christine DeFilippis said in a news release.
“Jacksonville’s population grew by about 10% this past decade and it has a strong backbone of jobs in manufacturing, logistics and financial services,” she said. “While the city may see some tempering of job growth moving forward, we do anticipate continued in-migration from states in the Northeast which will shore up demand for apartments throughout the region.”
Property records show the seller as Sentosa Beachwalk Apartments LLC, managed by Boca Raton-based Falcone and Associates LLC, a part of the privately owned Falcone Group investment organization.
Other American Landmark communities in Jacksonville include The Vue at Baymeadows and the Mezza in North Jacksonville.
American Landmark is an owner-operator focused on the acquisition and management of value-add multifamily assets in high-growth markets of the Southeast with a current portfolio of about 30,000 units.