Spinnaker Reach apartments sold for $42.34 million

Miami Beach-based real estate investment buys property north of Mayo Clinic.

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A Miami Beach-based real estate investment firm bought the 288-unit Spinnaker Reach apartments for $42.34 million Feb. 13.

Starwood Capital Group Global L.P., through SREIT Spinnaker Reach LLC, paid $147,043 per unit for the 16.87-acre community at 3875 San Pablo Road S., north of Mayo Clinic.

The seller was Chicago-based LCA Spinnaker Reach LP managed by real estate investment company Lakeside Capital Advisors LP. It bought the property in 2014 from Royal American for $13.75 million, or $47,743 per unit.

Spinnaker Reach, built in 1996, comprises 144 two-bedroom units, 120 three-bedroom units and 24 four-bedroom units. Units range from 947 square feet for a two-bedroom to more than 1,375 square feet for a four-bedroom unit.

Property amenities include a clubhouse, business center, swimming pool, playground and 24-hour fitness center.

Colliers International reported in its year-end 2019 Jacksonville multifamily market report that the average sales price per unit was $104,000.

Starwood Capital Group referred questions to public relations firm Abernathy MacGregor, who did not respond to a request for comment.

Starwood Capital Group’s website says it is a private investment firm focusing on diversified global real estate.

The company says it has raised about $45 billion of equity capital and has more than $60 billion of assets under management. Its multifamily sector owns more than 80,000 apartment units, with 59 communities comprising 15,057 units in Florida.

Highmark Residential, a multifamily property management company owned by Starwood, assumed management of the property.