CA Group Buys 224-Unit Multifamily for Nearly $13M
California investors Fair Avenue Delaware LLC and 301 W Mountain View Delaware LLC acquired the Timberwood Trace Apartments at 12250 Atlantic Blvd. in Jacksonville for $12.95 million. Locally based Flournoy Properties Co. sold the property for $57,812.50 per unit.
The 29-building, 224-unit complex was constructed in 1994 on 9 acres. Each of the units consists of three bedrooms and 2.5 bathrooms. Amenities include a swimming pool, basketball court and two playgrounds.
Matthew Kesterson of Marcus & Millichap represented both sides.
For more information, see CoStar COMP #1259719.
Thursday, April 5, 2007
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