The Cielo at Normandy Apartments in West Jacksonville sold twice Oct. 29, both times for $11.835 million.
The 123-unit property is at 1570 Lane Ave. S. in the Hyde Park neighborhood.
Black Ridge, a real estate investment firm owning and operating thousands of multifamily units with offices in Miami and Montreal, acquired the property from Zavala Capital Group of Atlanta, according to a news release.
Berkadia Central and North Florida led the transaction on behalf of the seller.
“Cielo at Normandy represents an exceptional opportunity for value enhancement.” Greg Rainey, senior director at Berkadia, said in a news release.
“With nearly 60% of unit interiors still in classic condition, new ownership is poised to implement a comprehensive interior and amenity upgrade program that will significantly elevate the living experience for residents. In an increasingly dynamic market, these enhancements are designed to foster a vibrant community atmosphere and attract a diverse range of tenants, ultimately positioning the community for sustained success.”
In the first $11.835 million transaction, the buyers were Rabun Gap Holdings LLC (44.2%); Gad Holdings LLC (29.6%) both of Rabun Gap, Georgia; and Lighten Up LLC (26.2%) of Atlanta.
The sellers were Cielo at Normandy Rabun TIC LLC (66.6%) and Cielo at Normandy LLC (33.4%) both of Rabun Gap, Georgia.
The sellers acquired the apartments for $8.6 million in 2023.
In the second $11.835 million sale, Rabun Gap Holdings LLC, Gad Holdings LLC and Lighten Up LLC sold the apartments to Black Ridge through Jacksonville at Cielo LP. It has addresses in St. Petersburg and Westmount, Quebec, Canada, a suburb of Montreal.
The apartments, built in 1974, are on 8.07 acres. The per-unit sales price is $96,219.
The apartments offer one-, two- and three-bedroom units with one, one-and-a-half and two baths. Units range in size from 692 to 1,380 square feet.
There are nine floor plans.
Amenities include a pool, laundry facilities, playground, courtyard and maintenance and management on site.