The Plaza apartment complex in Arlington has a new owner. Apex Plaza Property LLC sold the 281-unit complex at 3780 University Club Blvd. N. to The Plaza 281 LLC on Wednesday for $14.7 million. The per-unit cost is $52,270.
The property was built in the mid-1970s. It includes 35 two-story buildings, a clubhouse and pool.
It comprises 168 one-bedroom/one-bathroom units at 622 square feet and 113 two-bedroom/one-bathroom units at 855 square feet.
It stands on 14.7 acres and was 96 percent occupied when sold.
Bradley Coe, director, Douglas Blair, managing director, and Morgan Williams, associate director of Multifamily Investment Services at Colliers International Northeast Florida, brokered the sale.
“The purchasing entity consists of a joint-venture partnership between a California multifamily investment group and a Jacksonville-based multifamily specialist group that specializes in acquiring, operating and managing apartment communities,” Coe said.
He said the buyer “intends to initiate a value-add capital improvement plan with focus being directed toward effectuating a level of interior unit improvements.”
Those improvements, according to Coe, will be determined, but will likely be modest because the unit interiors appear to be adequate.
Any changes in rental rates have yet to be determined and the community’s website has been deactivated. According to apartments.com, monthly rents were $620 to $940.