Ability Housing announced Oct. 26 it bought the 12-story Riverton Tower Senior Center in Arlington for $500,000.
The building, at 5353 Arlington Expressway, formerly housed Jones College, which closed in 2017.
It sits on 10 acres at the foot of the Arlington side of the Mathews Bridge.
Ability Housing is a Jacksonville nonprofit developer of affordable multifamily housing.
The nonprofit bought the building through Ability Riverton LLC on Aug. 23.
The seller was Riverton Tower Senior Center Inc. of Jacksonville.
Riverton Tower Senior Center has 120 units and is available for residents age 62 and older.
The building was developed in 1962. Community amenities include a pool, on-site laundry, library, computer lab and a dock on the St. Johns River.
There are studio, one- and two-bedroom units. Monthly rents are $879 to $1,129. Active leases will remain in place.
Ability Housing said it will make some immediate renovations and it plans to add 40 apartments in areas that are underused.
Shannon Nazworth, president and CEO of Ability Housing, said the nonprofit looks forward to “embarking on improvements to bring this historic asset up to the modern standards that its residents deserve.”
“In today’s competitive real estate market, it’s rare to have the opportunity to transfer a property of this significance from one nonprofit organization to another,” she said in a news release.