A Fort Lauderdale real estate company bought an Arlington apartment complex last week for $24.7 million.
City Ridge Realty LLC, a subsidiary of New Jersey-based Jacksonville Partners LLC, sold the 288-unit City Ridge Apartments to South Florida-based Nathan Holdings, under the name Oaks at Red Bay LLC.
Nathan Holdings is a real estate investment company focusing on multifamily properties across the U.S. Most of its properties are in South Florida.
The community is at 7528 Arlington Expressway, east of Arlington Road.
The Nathan Holdings website says the property is 95% occupied with 341,376 rentable square feet in 15 buildings on 14.44 acres.
The property was renovated in 2011.
Its one-, two- and three-bedroom units range from 884 square feet to 1,538 square feet in size. Amenities include a fitness center, pool, playground, tennis courts, car ports and controlled access.
The apartments sold for almost $85,763 per unit, which is below the $107,875 average unit sales price in Northeast Florida for the second quarter, according to Colliers International Northeast Florida.
The complex was built in 1972 and older apartments typically sell for less.
Nathan Holdings, completed the purchase Sept. 25 with a $16 million Fannie Mae Multifamily Security mortgage through Prudential Multifamily Mortgage LLC.
City Ridge Realty bought the property in 2015 for $17 million. It previously sold in 2011 for $6.12 million.