Jun
29

Tattersall at Tapestry Park sold for $42.8M near Town Center

By admin // Apartments near Jacksonville Town Center // Comments Off

Tattersall at Tapestry Park, a 279-unit apartment community, has been sold for $42.8 million, or $153,405 per unit, an apartment broker said.

Mid-America Apartment Communities Inc. (NYSE: MAA), based in Memphis, Tenn., purchased the property from Arlington Properties Inc.

“It’s a record setter,” said Matt Wilcox, vice president of Apartment Realty Advisors in Jacksonville. “That’s the biggest in a long time — the last sale of that magnitude was $147,000 a door for the Retreat at St. Johns at Kernan and [J. Turner Butler] boulevards.”

The Jacksonville office of CB Richard Ellis Group Inc. (NYSE: CBG) brokered the sale.

In early May, Atlantic Crossing on Gate Parkway sold for $24.1 million, or $120,500 per unit.

The sales of Atlantic Crossing and Tattersall at Tapestry Park are a “tremendous sign” for multifamily property owners in the Southside/St. Johns Town Center submarket, said Erik Bjornson, a broker with Walchle Lear Multifamily Advisors .

“It’s a further indication that that specific submarket has returned and performance is on the uptick,” Bjornson said.

Earlier this week, Forbes.com named Jacksonville the second best city in the U.S. for renters.

Tattersall at Tapestry Park, a 279-unit apartment community, has been sold for $42.8 million, or $153,405 per unit, an apartment broker said.Mid-America Apartment Communities Inc. (NYSE: MAA), based in Memphis, Tenn., purchased the property from Arlington Properties Inc.“It’s a record setter,” said Matt Wilcox, vice president of Apartment Realty Advisors in Jacksonville. “That’s the biggest in a long time — the last sale of that magnitude was $147,000 a door for the Retreat at St. Johns at Kernan and [J. Turner Butler] boulevards.”The Jacksonville office of CB Richard Ellis Group Inc. (NYSE: CBG) brokered the sale.In early May, Atlantic Crossing on Gate Parkway sold for $24.1 million, or $120,500 per unit.The sales of Atlantic Crossing and Tattersall at Tapestry Park are a “tremendous sign” for multifamily property owners in the Southside/St. Johns Town Center submarket, said Erik Bjornson, a broker with Walchle Lear Multifamily Advisors .“It’s a further indication that that specific submarket has returned and performance is on the uptick,” Bjornson said.Earlier this week, Forbes.com named Jacksonville the second best city in the U.S. for renters.