A Tacoma, Wash.-based investor bought a 240-unit luxury apartment complex near St. Johns Town Center for $39 million.
Momentum Real Estate Partners Inc. purchased the Terraces at Town Center, 5140 Gate Parkway, from Prudential Real Estate Investors of Madison, N.J., according to a deed filed Monday in Duval County.
Momentum Partners took out a $27 million mortgage.
CBRE Capital Markets’ Debt & Structured Finance team in Miami said in a news release it arranged the seven-year loan through AIG.
Built in 2013, the Terraces at Town Center is a Class A garden-style complex located less than a mile from the Town Center.
Community amenities include a social lounge with cyber café and free Wi-Fi, a business center, a pool with in-water lounge seating, outdoor patio with fireplace, fitness center and dog park.
Momentum Partners is a commercial real estate company that partners with clients and investors to create generational wealth through the acquisition, development, management and disposition of high-quality real estate assets, according to the company’s website.
Its business model targets institutional-quality and high-profit commercial real estate opportunities with clearly defined holding periods and exit strategies.
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