Miami Group Buys Kendall Lakes Apts. for $27M

Miami Group Buys Kendall Lakes Apts. for $27M
Investor Sells Third Phase of Jacksonville Development


Kendall Lakes Apartments LLC of Miami acquired the newly built Kendall Lakes Apartments at 1140 Kendall Town Blvd. in Jacksonville from Arlington Properties of Birmingham, AL, for $27.23 million, or about $144,827 per unit.

The sale of the 188-unit, 224,472-square-foot apartment complex is the third phase of the mixed-use Kendal Lakes Development built by Arlington Properties, totaling more than $58 million in transactions. The total project consists of 400 multifamily units along with 9,500 square feet of retail space in the Arlington submarket. The 188-unit property includes a fitness center, laundry facilities, pool and on-site management office. Fugleberg Koch Architects of Winter Park designed the project, which was completed last December.

Bart Walchle and Stephen Lear of Walchle Lear Multifamily Advisors brokered the transaction for both parties.

For more information, please refer to COMP #1302370.

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