The 332-unit Edenfield Shores apartments at 5885 Edenfield Road in Arlington sold Aug. 8 for $37 million.
Miramar Capital of Los Angeles sold the property through seven LLCs:
MW Reserve at St. John’s 1 LLC, 14.24%; MW Reserve at St. John’s 2 LLC, 5.08%; MW Reserve at St. John’s 3 LLC, 13.28%; MW Reserve at St. John’s 4 LLC, 8.30%; MW Reserve at St. John’s 5 LLC, 2.66%; MW Reserve at St. John’s 6 LLC, 4.98%; and MW Reserve at St. John’s 7 LLC, 51.46%.
The buyer was EMET Capital Management of New York through EMRES III Jacksonville LLC. The company says it invests in distressed properties and has $600 million in assets under management.
Built in 1975, Edenfield Shores comprises 15 three-story apartment buildings on 26.6 acres on the St. Johns River. The per-unit cost is $111,445.
The apartments are 7 miles northeast of Downtown and 2.6 miles from Jacksonville University. They are near Reddie Point Preserve.
There are one-, two- and three-bedroom units with one, two and three bathrooms. Units are 578 to 1,544 square feet. Rents are $899 to $1,925, according to apartments.com.
Amenities include two pools, a clubhouse, high-speed internet, Wi-Fi, a dog park, a picnic area with grills, a playground and sports courts. Many apartments have river views.
Miramar Capital bought the community for $45.1 million in October 2021.