Mesa Capital Partners of Atlanta bought the RISE Julington apartments June 4 for $59.54 million.
The apartments, at 12397 San Jose Blvd. in Jacksonville, are about a half-mile north of the Julington Creek Bridge.
Mesa bought the property through Julington Apartments Owner LLC.
The seller was RISE Properties of Valdosta, Georgia, through Mandarin Properties I LLC.
The Julington has 260 units in three four-story buildings on 8.67 acres.
The per-unit price was $229,000.
“Jacksonville is one of the fastest-growing markets in the Sunbelt, and Mandarin is a high-barrier-to-entry submarket with exceptional livability,” said Jeff Tucker, CEO of Mesa Capital Partners, in a June 6 news release.
“The Julington aligns perfectly with our strategy of targeting well-built, amenity-rich communities in thriving, supply-constrained neighborhoods.”
RISE Development built the community in 2022.
It has one-, two- and three-bedroom units with one or two baths. Units are 730 to 1,426 square feet. Monthly rents are $1,450 to $4,672, according to apartments.com.
Amenities include a yoga studio, private and co-working spaces, resort-style pool, electronic locks, a fitness center, elevators, clubhouse, pet play and washing area and communitywide Wi-Fi. The property manager and maintenance is on site.
The purchase is Mesa Capital Partners’ return to the Jacksonville market. The company said it owned 800 units in the area between 2013 and 2021.
“We see 2025 as a pivotal year for multifamily investment, with improving fundamentals and a shifting interest rate environment creating attractive opportunities across the Sunbelt,” Tucker said.