Southeast Property Group of Fort Lauderdale bought the Colonial Forest and Northwood Apartments on March 1 for $20.3 million and renamed both communities.
Colonial Forest at 5928 Firestone Road in West Jacksonville is now The Belmont.
Northwood Apartments at 1601 Dunn Ave. in North Jacksonville is Avenue at 1601.
The Chetrit Group of New York City sold the properties that total 328 units.
The buyer was Southeast Property Group.
Southeast learned the distressed properties were available for sale from an off-market brokerage relationship, according to a March 19 news release.
The Chetrit Group bought Colonial Forest in 2019 for $6.056 million and the Northwood Apartments in 2019 for $5.764 million.
In October, courts imposed an emergency temporary injunction to repair condemned stairways, have regular trash pickup and perform pool maintenance. Because of the deteriorated stairs, the city stationed firefighters on the property until the repairs were completed.
The city ordered the owner to relocate some residents while repairs were made, according to Daily Record news partner News4Jax.com
In November, the city cited the Northwood Apartments for not contracting with a garbage removal service, lack of pool maintenance and failure to maintain overgrown vegetation.
“In a very uncertain market, our team was able to move swiftly to make sure the transaction closed on the agreed upon price and terms,” Southeast Principal Richard Shuster said in the release.
“We’re looking forward to improving not just the look of the properties, but the overall community for the immediate area as well as for the City of Jacksonville,” Southeast Principal Joe Rubin said in the release.
Southeast is investing $9.7 million to renovate both properties. Projects include new roofs and plumbing as well as amenity and landscape upgrades. Apartment interiors also will receive a makeover.
The Belmont, built in 1968, sits on 10.3 acres. It comprises 22 buildings with one- two- and three-bedroom units from 670 to 1,219 square feet. Monthly rents are $930 to $1,270, according to zillow.com.
It has a clubhouse, pool and laundry facilities. Management and maintenance are on-site.
Avenue at 1601, built in 1975, sits on 8.37 acres. It comprises 10 buildings with studio, one-, two- and three-bedroom units from 400 to 1,138 square feet. Monthly rents are $900 to $1,450, according to apartments.com
It has a swimming pool, picnic area, playground and laundry facilities. Management is on-site.