Renaissance at Strawberry Creek apartments at 7557 Arlington Expressway sold May 30 for $23.308 million.
The Focus Group of San Diego sold the property through Jacksonville 194 LLC.
Huber Equity Group of Columbus, Ohio, bought the community through RASC Apartments LLC.
NAI Hallmark Senior Vice President John Rutherford and Vice President Luke McCann brokered the transaction. They represented both parties.
“This sale underscores the growing opportunities we’re seeing in the market for pre-1980s, value-add investments. As investors anticipate strong rent upside on the heels of shrinking supply over the next 12 months, we expect to see this asset class outperform,” Rutherford said in a June 3 release.
The property was developed in 1969 and was renovated in 2023 and 2024.
There are 14 three-story buildings and a clubhouse on the 11.06-acre site. There are 195 units, the release said.
The per-unit price was $119,528.
There are one -, two- and three-bedroom units. They are 725 to 1,125 square feet, according to apartments.com
Amenities include a pool, clubhouse, fitness center, grill and picnic area, playground and lounge. Property management and maintenance is on-site and there is a renters insurance program.
Huber Equity Group says it is a private equity firm specializing in value-added multifamily properties across the Midwest and Southeast. Founded in 2019, it has acquired more than 1,700 units and $210 million in transaction volume.
The Focus Group says it has developed, managed, contracted and invested in real estate assets throughout the country for more than 35 years. It has redeveloped and rebranded more than 7.100 multifamily units. It has built 3.6 million square feet of commercial real estate in more than 100 developments, the release said.