Miami-based PIA Residential announced Nov. 17 it acquired St. John’s Pointe Apartments in Orange Park for $33.4 million.
PIA Residential and Des Moines-based BH Equities closed on the 284-unit community at 114 Old Orange Park Road on Oct. 30.
The seller was Tampa-based WRH Realty Services.
BH Management Services will manage the property.
“BH brings years of experience and a top-notch reputation to the partnership,” PIA Residential Managing Partner Saul Levy said in a news release. “We bring a seasoned team and deep relations with family offices which provided the capital. We are looking forward to building our relationship.”
Erik Bjornson, senior managing director at Newmark Knight Frank, represented the seller.
“(The) main appeals of the property are the value add upside, Orange Park’s fine school system in Clay County, and the large apartments,” Bjornson said in the news release. “Plus, the design and layout of St. John’s has stood the test of time.”
PIA Residential plans to invest $3 million to improve the units and community amenities.
About 16% of the units already feature stainless steel appliances, plank flooring and upgraded lighting fixtures and countertops. The other units will be renovated to match.
The one- and two-level garden-style complex was built between 1968 and 1974.
Rent ranges from $870 to $1,270 a month. There are one-, two- and three-bedroom floor plans.
Amenities include a fitness center, dog park, tennis courts, playground and pool.