Three apartment buildings sell for $ 96 million | Jax Daily Record | Jacksonville Daily Record


New York-based Cyclone Investment Group and Skywood Properties have teamed up to purchase three Jacksonville apartment communities for a combined $ 96 million.

They collectively have 842 units and include the Cross Creek Apartments, 1441 Manotak Ave .; Riverview Apartment Homes, 301 Caravan Circle; and Les Colonnes, 333 Laurina St.

The combined price is an average of $ 114,014 per unit.

CBRE Group Inc. brokers Cliff Taylor and Joe Ayers represented Los Angeles-based seller Oro Capital Advisors.

Riverview Apartment Homes at 301 Caravan Circle.

Jeff Kinney and Phil Rachels of CBRE Capital Markets arranged the three-year bridge financing with Arbor Realty Trust. The loan represented 80% of the total costs for the buyer.

Taylor said in a Nov. 11 press release that the deal presented a good investment opportunity for buyers.

The release said that in the past seven quarters, Jacksonville has been the nation’s third best market for multi-family rental growth behind Phoenix and Tampa.

“The successful collaboration with our sales team and our lender has provided our client with the most competitive execution available in the market,” Kinney said in the release.

The three properties have been combined into one sale price. Duval County Clerk’s records show the Cross Creek apartments were sold for $ 31 million; Riverview Apartment Homes sold for $ 36 million; and The Columns sold for $ 29 million.

All acts were done on November 9.

The columns of 333, rue Laurina.

Cross Creek Apartments is a 29-building property with 292 apartments averaging 961 square feet. It occupies 19.9 acres and was built in 1973.

Facilities include a swimming pool, secure access, playground and laundry facilities. The current assessed value is $ 15.85 million.

It was last sold in 2017 for $ 15.2 million.

Riverview Apartment Homes is a 21-building property with 301 units averaging 952 square feet. It covers 20.6 acres and was built in 1974.

It has a business center, swimming pool, playground, picnic area, soccer field and laundry facilities. The current assessed value is $ 12.4 million and the last sale was in 2017 for $ 16.3 million.

The Columns is a 29-building property with 246 units averaging 902 square feet on 12.7 acres. It was built in 1968.

It has a swimming pool and laundry facilities. The current assessed value is $ 13.2 million and the last sale was in 2017 for $ 13.15 million.

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