The Waters Edge Apartments at 800 and 900 Broward Road sold July 12 for $33.25 million.
Waters Edge Jacksonville LLC of Southfield, Michigan, sold the property through Broward Road Owner LLC.
The buyer was Federal Capital Partners of Chevy Chase, Maryland.
LNR Property of Miami bought the apartments in 2012 for $10.7 million.
Built between 1971 and 1977, the 404 units sit on 34.8 acres, according to property records. The per-unit price is $82,301.
The one-, two- and three-bedroom apartments are 602 to 1,455 square feet in size. Rents are from $970 to $1,465.
The community is in the Highlands neighborhood near River City Marketplace, the Jacksonville Zoo and Gardens and Jacksonville International Airport.
Amenities include river views, two pools, a playground, grills and picnic area, tennis and sand volleyball courts and laundry service.
Management and maintenance are on-site.