The 397-unit Seagrass Apartments sold Nov. 3 for $97.2 million.
The community is at 1701 San Pablo Road south of Atlantic Boulevard and west of the Intracoastal Waterway.
The buyer was Seagrass Apartments (FL) Owner LLC, which is part of Morgan Properties in Wilmington, Delaware. The seller was Seagrass Apartment Complex Operating Co. based in North Charleston, South Carolina.
The sales price was $244,836 per unit.
Seagrass, built in 2013, comprises 17 buildings on 23.4 acres.
It offers one-, two- and three-bedroom units from 808 to 1,340 square feet. Rents are $1,470 to $2,100 per month. The apartments feature open floor plans, 9-foot ceilings, washer-dryers and garden tubs.
The community is gated with a playground, dog park, two resort-style swimming pools, fitness center, clubhouse, tanning room, gazebo, garages, storage and boat parking.
Seagrass Apartment Complex Operating Co. bought the apartments in January 2015 from Seagrass Apartments LLC in Atlanta for $56.6 million.