Heron Walk Apartments in San Jose sold for $48.6 million May 7 to California-based Bridge Acquisitions, according to a deed filed with the Duval County Clerk of Courts on May 21.
The 384-unit community, built in 1979, is at 7400 Powers Ave. The average per-unit price is $126,563.
CBRE’s Cliff Taylor and Joe Ayers represented the seller, California-based Oro Capital Advisors.
“Heron Walk represents an incredible value-add opportunity in the exploding Jacksonville market,” Taylor said in a news release.
“The property has tremendous upgrade potential and this, along with the macro factors at play, are what worked in combination to drive pricing to this level.”
The apartments last sold in 2017 for $22.752 million.
The latest sale of $48.6 million is a record for 1970s-built apartments in the city, Taylor said.
“Investors are anxious to be a part of what is a historic growth curve in the market, and Heron Walk is poised to be a prime beneficiary of this unprecedented influx of residents seeking a better quality of life,” Taylor said in the release.
Heron Walk offers one- and two-bedroom apartments at rents of $785 to $1,095 per month.
Units include laundry connections, walk-in closets, patios and fully-equipped kitchens.
Amenities include a laundry, picnic area, swimming pool and pet park.