New York-based DRA Advisors has bought and sold a Jacksonville area multifamily asset this past week. The firm picked up the Paradise Island Rental Communities at 8787 Southside Blvd., for $120 million or just under $107,915 per unit. The 1,112 unit property was built over four phases from 1990-97 encompassing 60 buildings on a 160 acre site. The seller, Fort Family Investments, reports that the sale was a off-market deal, with the approach having been made by the purchaser.
At the same time as the purchase, DRA Advisors also disposed Bartram Park a Jacksonville multifamily asset with 336 units. The buyer, JWC Bartram paid $45.76 million for the property, which is located near the Florida 9B interchange at Interstate 95. Built in 2009 on a 19 acre site, the apartments traded for slightly more than $136,175 per unit. The sale was completed with a $29.95 million mortgage provided by New York Life Insurance Co.
