Canada-based investor pays $118 million for Orange Park apartments

The Villages at Oakleaf Plantation comprises three communities totaling 512 units.

  • By Dan Macdonald
  • | 4:50 p.m. December 16, 2021
  • | 5 Free Articles Remaining!
The Villages at Oakleaf Plantation was part of a $118 million sale on Dec. 15.
The Villages at Oakleaf Plantation was part of a $118 million sale on Dec. 15.
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The Villages at Oakleaf Plantation in Orange Park sold for $118 million on Dec. 15.

The sale comprises three apartment communities – The Villages of Oakleaf Plantation, Millstone Village and the Gemstone Apartments. 

The apartments were built in phases from 2009 to 2017.

LeClair Management Inc. of Fort Lauderdale sold the properties to Venterra Realty Inc. of Richmond Hill in Ontario, Canada. 

The communities total 512 units with a per-unit sales price of $230,469.

It is the largest single-asset sale for a multifamily community since the 1,112-unit Paradise Island in Jacksonville sold for $120 million in February 2017, according to a news release from Colliers International.

The sale comprises 11 rental buildings on 28 acres at 573 Oakleaf Plantation Parkway and 4190 Plantation Oaks Blvd.

Units are one to four bedrooms at an average size of 1,497 square feet. 

The three communities were 94% occupied upon the sale.

Shared amenities include a clubhouse, fitness center, playground, basketball and tennis courts, cabana, spa, two swimming pools and walking and bike trails.

Bradley Coe and Mathew McCarthy of Colliers International brokered the sale.

Venterra owns 49 apartment communities of 14,554 apartment units totaling over $2 billion in value across 14 U.S. markets, Coe said in the release.




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