Atlanta-based Sureste Property Group acquired two Orange Park apartment communities Aug. 29 for a total of $17.5 million, Clay County property records show.
The apartments were sold by companies held by Greyson Capital Group of Troy, Michigan.
The 70-unit Park Place apartments at 401 Loring Ave., sold for $9 million. Sureste Kings Tree LLC acquired the property from 401 Loring Avenue LLC.
The 64-unit Kings Tree Apartments at 1800 Kingsley Ave., sold for $8.5 million. Sureste Kings Tree LLC acquired it from 1800 Kingsley Avenue LLC.
Both sales were brokered for the seller by CBRE, a commercial real estate firm based in Jacksonville.
“Greyson Capital Group did a tremendous job repositioning both properties and we look forward to seeing Sureste implement additional improvements at these properties,” said Joe Ayers of CBRE.
Built in 1973, Park Place comprises five two-story buildings on 2.85 acres. It has one- and two-bedroom units averaging 857 square feet. The per-unit price is $129,256.
Amenities include balconies and covered patios.
Built in 1971, Kings Tree Apartments comprises nine buildings on 5.9 acres. It has one-, two- and three-bedroom apartments from 710 to 1,265 square feet, according to apartments.com. The per-unit sales price is $133,134.
Amenities include a pool, clubhouse and an on-site property manager and maintenance.
Greyson Capital Group purchased Park Place for $5.5 million and Kings Tree for $5 million in 2019.
