Fort Family Investments sold the 1,112-unit Paradise Island Rental Communities this week for $120 million.
DRA Advisors LLC of New York bought the apartments, at 8787 Southside Blvd., for $107,914 a unit.
“We were approached by them and we were able to make a deal,” said Abe Fort, director of development for Fort Family Investments. He said it was an off-market deal.
Fort said the project was built over four phases from 1990-97. It comprises 60 buildings on about 160 acres.
The property was sold Wednesday through Park Avenues Rental Community Two Ltd.
Fort Family Investments owns seven other communities totaling 1,860 units, including the new Palm Bay Club in Flagler Center.
The same day as that acquisition, DRA Advisors sold another Jacksonville complex.
Through G&I VII Bartram Park LLC, the investment firm sold Carlyle at Bartram Park, a 336-unit community, to JWC Bartram LLC of Providence, R.I., for $45.76 million. That works out to $136,177 a unit.
Property records show Carlyle at Bartram Park was developed in 2009 on 18.9 acres at 14701 Bartram Park Blvd.
JWC Bartram LLC and JWC Jupiter LLC were issued a $29.95 million mortgage by New York Life Insurance Co. They are part of Preston Giuliano Capital Partners of Providence.
The sales price per unit in both deals is much higher than the average $81,000 for the apartments sold in the area last year, according to research from Colliers International.
@MathisKb
(904) 356-2466