The Reserve at St. Johns Apartments sold for $45.1 million

The 332-unit development was built in 1975 in the Charter Point area of Arlington.

The Reserve at  St. Johns River sold for $45.1 million.
The Reserve at St. Johns River sold for $45.1 million.
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The Reserve at St. Johns River Apartments at 5885 Edenfield Road sold Oct. 29 for $45.1 million.

The sale represents a price of $135,843 each for the 332 units.

NAI Hallmark said in a Nov. 4 news release that Senior Vice President John Rutherford and Senior Associate Luke McCann brokered the transaction on behalf of the seller, Savlan Capital, to the buyer, a joint venture between Westmount Square Capital and Miramar Capital in Santa Monica, California.

“The sale of The Reserve at St. Johns River represents a strong value-add opportunity in the Charter Point submarket of Jacksonville with an irreplaceable location on the St Johns River,” Rutherford said in the release.

“Westmount Square & Miramar Capital are going to benefit from the continued population growth in Jacksonville looking for quality, affordable housing.”

The deed was recorded Nov. 4 with the Duval County Clerk of Courts.

The Arlington area apartment project was built in 1975. 

The one- to three-bedroom apartments are in three-story buildings on almost 14 acres.

NAI Hallmark said 139 apartments have waterfront views. The property has 1,175 feet of  St. Johns River frontage.

There are 16 total buildings including the clubhouse. On-site amenities include two swimming pools, a two-story waterfront clubhouse, a fitness center, playground, tennis courts, dog park, and clothes care center.

NAI Hallmark said the property is near Blue Cypress Golf Course and the Reddie Point Preserve.

Jacksonville-based NAI Hallmark is a commercial real estate company specializing in sales and leasing brokerage, property and facilities management, and corporate services in Northeast Florida.