ARIUM Deerwood apartments sells for $96.8 million

It is the top multifamily sale in Jacksonville this year.

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  • | 12:20 p.m. October 29, 2020
  • Real Estate
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Chicago-based Laramar purchased the 616-unit ARIUM Deerwood apartments for $96.8 million Oct. 28, the top multifamily sale in Duval County this year.

The ARIUM is at 9803 Creekfront Road along Southside Boulevard between Butler Boulevard and Baymeadows Road. 

The seller was the Atlanta-based Carroll Organization.

Brian Moulder and Dhaval Patel, multifamily sector specialists with Walker & Dunlop in Jacksonville, brokered the sale.

The apartments sold for $157,142 per unit. They were built between 1981 and 1986.

“Its central location to the Southside market was key,” Moulder said. “I think its location and its overall appeal for multifamily is what was driving price.”

Laramar operates Gregory Cove Apartments in Arlington. 

ARIUM Deerwood offers one-, two- and three-bedroom apartments and townhouses with sunrooms or screened patios, renovated kitchens with granite countertops and updated fixtures. 

The community features five pools, a sun deck, fitness center, 3-acre park with a playground, grill area and a dog park. 

Moulder said that despite the pandemic, the multifamily market in Jacksonville is resilient.

“It’s just a very healthy commercial real estate sector, a lot of appetite for new investors,” he said. “We’re seeing some of the strongest pricing we’ve seen in recent years.”