The Park at River City apartments sold for $7.5 million

The North Jacksonville community is near the Highland Square shopping center.

  • By Monty Zickuhr
  • | 7:11 p.m. September 11, 2023
  • | 5 Free Articles Remaining!
The Park at River City apartments at 10621 Monaco Drive.
The Park at River City apartments at 10621 Monaco Drive.
  • Real Estate
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NAI Hallmark announced Sept. 11 it brokered the sale The Park at River City apartments in North Jacksonville for $7.5 million.

Built in 1967, the 104-unit community is at 10621 Monaco Drive. It is south of Dunn Avenue near the Publix-anchored Highland Square shopping center west of Interstate 95.

The buyer was Beverly Hills, California-based Park at River City LLC. 

The seller was Toro Real Estate Partners based in Jericho, New York, through Toro Jax Property III LLC Etal.

As of 5 p.m. Sept. 11, the deed was not filed with the Duval County Clerk of Court.

NAI Hallmark Senior Vice President John Rutherford and Vice President Luke McCann brokered the transaction on behalf of the buyer and seller.

“NAI Hallmark is pleased to have represented the Seller and Buyer in the sale of The Park at River City,” Rutherford said in a news release. 

“This transaction is yet another example of Jacksonville’s resiliency in the current climate, and further illustrates the significant upside potential remaining in the multifamily market compared to other major markets throughout the country.” 

The community of one- and two-bedroom units comprises 13 two-story buildings on 5.59 acres. Rents are $785 to $905 a month, according to The per-unit sales price is $72,115.

The property last sold in 2019 for $5.65 million.



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