A California private equity firm bought Avenue Royale apartments on the Southside last week for $25.2 million.
Bridge Partners took out an $18.1 million mortgage with CBRE Multifamily Capital Inc. for the purchase.
Headquartered near San Francisco, Bridge Partners specializes in the acquisition, rehabilitation, and management of multifamily and hospitality properties, according to its website.
The Avenue Royale is a 200-unit townhome-style complex at 7635 Timberlin Park Blvd.
Located near The Avenues mall, it benefits from great access to retail and jobs, said Brian Moulder, CBRE senior vice president, multifamily, who represented the seller in the deal.
The style also sets the complex apart.
Rather than the typical garden apartments with three or four stories and an elevator, Avenue Royale features large floor plans and higher quality amenities.
“They’re almost like a single-family home,” Moulder said. Built in 2001, the new owner is planning a minor update that will include granite countertops and new appliances.
The seller, Cornerstone Real Estate Advisers of Hartford, Conn., held the property for just under three years. Cornerstone is a global privately owned investment manager.
“They do a lot of office and retail investments. This was just a nice little investment that they could do quickly,” Moulder said.
Pricing was competitive, according to Moulder, with multiple buyers vying for the property before Bridge Partners came in with the right offer.
It’s a sign of Jacksonville’s continuing strength in the apartments sector.
“We’re not topping out like a lot of markets are, there’s still room to grow,” Moulder said.
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