The La Esperanza Apartments on University Boulevard sold for $21 million to Tuscon, Arizona-based Wildcat Group.
CBRE announced June 22 it facilitated the sale. CBRE’s Cliff Taylor, Joe Ayers, Michael Regan and Francesco Carriera represented the seller, Reno, Nevada-based JAX Esperanza LLC, in the transaction.
The 232-unit complex at 3800 University Blvd. S. was built in 1972. It last sold for $4.9 million in 2013.
“The acquisition of La Esperanza Apartments presented an incredible opportunity to reposition and rebrand a well-located multifamily asset in booming Northeast Florida,” Ayers said in a news release.
The complex sold for $90,517 a unit.
Ayers said demand for multifamily properties in Jacksonville, especially given its rapid population growth, has been on the rise.
“Prior to the COVID-19 pandemic, there was significant competition among prospective buyers for value-add multifamily opportunities in Northeast Florida,” he said.
“Demand for these properties has only increased in the last twelve months as more investors recognize the local market’s strong fundamentals.”
The buyer has plans to renovate the property, the release said.
“The Wildcat Group’s improvement plans go beyond a typical renovation as the entire property will undergo a substantial capital improvement program that will bring the level of quality at the property up to a standard that competes with more-recently constructed properties in the market,” Ayers said.
Monthly rents at the complex range from $837 to $1,345 for the one-, two- and three-bedroom apartments.
Units include dishwashers, walk-in closets, laundry hookups and patios.
The complex offers a pool, fitness center, laundry facility, clubhouse, basketball court and storage space.