The Harbor Group, based in Virginia Beach, has paid $40 million for the Arium St. Johns apartment complex in Jacksonville. Located at 7925 Merrill Road, the 440 unit property traded for approximately $90,909 per residence. The asset was acquired from the Atlanta-based Carroll Organization, which purchased the property three years ago. The buyer plans to do extensive renovation to the property’s amenities center. The Harbor Group’s portfolio is valued at approximately $4.7 billion, and is currently made up of in excess of 5.1 million sqf of commercial properties and over 25,000 apartment units.
