Franklin Street brokered the sale of a Westside apartment community for $3.6 million.
Brokers Jim Reed and Matt Kesterson handled the transaction.
The sale included the Virginian Arms Apartments, 2501 Jammes Road, and Arbor Oaks Apartments, 2535 Jammes Road, sold as a portfolio.
The buyer is N M Baron Las Villas LLC of Sunny Isles Beach, which has owned multifamily properties in Tampa and South Florida, according to a news release.
It’s the company’s first purchase in Jacksonvile.
Virginian Arms has 60 units, while Arbor Oaks has 56.
“The Westside continues to attract attention for its investment assets,” said Kesterson, senior director of multifamily investment sales for Franklin Street, in the release. “This submarket continues to thrive with below average rental rates, above average occupancies and an expanding workforce serving employers in both downtown and at the growing Cecil Commerce Center.”
