New York-based Cyclone Investment Group and Skywood Properties partnered to buy three Jacksonville apartment communities for a combined $96 million.
They collectively have 842 units and comprise the Cross Creek Apartments, 1441 Manotak Ave.; Riverview Apartment Homes, 301 Caravan Circle; and The Columns, 333 Laurina St.
The combined price averages $114,014 a unit.
CBRE Group Inc. brokers Cliff Taylor and Joe Ayers represented the Los Angeles-based seller, Oro Capital Advisors.
Jeff Kinney and Phil Rachels of CBRE Capital Markets arranged the three-year bridge financing with Arbor Realty Trust. The loan represented 80% of total costs for the buyer.
Taylor said in a Nov. 11 news release that the deal presented a good investment opportunity for the buyers.
The release said that over the past seven quarters, Jacksonville has been the nation’s third-best market for multifamily rent growth behind Phoenix and Tampa.
“The successful collaboration with our sales team and our lender resulted in our client receiving the most competitive execution available in the marketplace,” Kinney said in the release.
The three properties were bundled into one sale price. Duval County Clerk of Courts records show Cross Creek Apartments sold for $31 million; Riverview Apartment Homes sold for $36 million; and The Columns sold for $29 million.
All the deeds were made Nov. 9.
Cross Creek Apartments is a 29-building property with 292 apartments that average 961 square feet. It occupies 19.9 acres and was built in 1973.
Amenities include a pool, gated access, play area and laundry facility. The current taxable value is $15.85 million.
It last sold in 2017 for $15.2 million.
Riverview Apartment Homes is a 21-building property with 301 units that average 952 square feet. It is on 20.6 acres and was built in 1974.
It has a business center, swimming pool, playground, picnic area, soccer court and laundry facilities. The current taxable value is $12.4 million and last sold in 2017 for $16.3 million.
The Columns is a 29-building property with 246 units that average 902 square feet on 12.7 acres. It was built in 1968.
It has a swimming pool and laundry facilities. The current taxable value is $13.2 million and last sold in 2017 for $13.15 million.
