The recently completed Sorrel Luxury Apartments in Jacksonville has changed hands in a $48.15 million deal. Preferred Apartment Communities bought the 290-unit community at 12001 Abess Road for just over $166,000 per apartment. The buyer completed the transaction with a $33.6 million loan from Prudential Multifamily Mortgage. The instrument has a maturity date of September 1, 2023, with a fixed interest rate of 3.44 percent based on a 30-year amortization schedule. Prudential intends to assign the loan to Fannie Mae within 60 days of closing. Brian Moulder and Dhaval Patel of CBRE brokered the deal and represented the seller,Stonebridge, Georgia-based Davis Development. “This is a high quality, Class-A community in a superb location,” said John A. Williams, the Chairman and Chief Executive Officer for PAC. “We continue to add communities in the fast growing Florida market.”
