Cedar Grove Capital purchased three Jacksonville apartment communities March 14 for a total of $65.23 million.
Records show the communities have fallen a combined $26.87 million in value from the $92.1 million they were purchased for over the past 2½ years. That’s a decline of 29%.
Cedar Grove Capital, of Woodmere, New York, is a real estate investment company formed in 2015. It has portfolio investments of more than $2 billion and more than 14,000 units transacted.
The three communities it purchased:
Oasis Club
• Oasis Club, 5800 University Blvd. W., for $26.03 million. The sellers were Oasis Holdings LLC of Wappingers Falls, New York, and Agle and Hartman Oasis TIC LLC of Prosper, Texas.
Cedar Grove bought it through Oasis Club CGC LLC.
The 242-unit community, built in 1972, is on 11.5 acres. The per-unit price is $107,561.
The apartments offer studio, one-, two- and three-bedroom units with one and two baths. They are from 490 to 1,224 square feet. Monthly rents are $845 to $1,600, according to apartments.com.
Amenities include a clubhouse, breakfast and coffee concierge, business center, planned social activities, laundry facilities and laundry services. Management and maintenance are on-site.
The property previously sold in June 2022 for $36.6 million. That’s a 28.8% decline in value.
Magnolia Point
• Magnolia Point, 7507 Beach Blvd., for $25.83 million. The sellers were FCI FL6 SPE LLC, Sanchez Magnolia LLC and SS Magnolia Holdings LLC of Prosper, Texas.
Cedar Grove bought it through Magnolia Point CGC LLC
The 227-unit community, built in 1973, is on 15.3 acres. The per-unit price is $113,788.
The apartments offer studio, one-, two- and three-bedroom units with one and two baths. They are from 350 to 1,300 square feet. Monthly rents are $985 to $1,474, according to apartments.com.
Amenities include a clubhouse, pool, basketball court and laundry facilities. Maintenance is on-site. It is a gated community.
The property previously sold in December 2022 for $37.65 million. That’s a 31.4% drop in value.
Lakewood Oaks
• Lakewood Oaks, at 3534 Smithfield St., for $13.37 million. The sellers were FC1 FL1 LLC and Viktorzag LLC of Prosper, Texas.
Cedar Grove bought it through Lakewood Oaks CGC LLC.
The 138-unit community, built in 1974, is on 15.3 acres in 1974. The per-unit price is $96,884.
The apartments offer studio, one-, two- and three-bedroom units with one and two baths. They are from 400 to 1,300 square feet. Monthly rents are $959 to $1,550, according to lakewoodoaksapts.com.
Amenities include a clubhouse, pool, poolside lounge, playground, dog park, package service and laundry facilities. Management is on-site.
The property previously sold in October 2021 for $17.85 million. That’s a 25.1% decline in value.