A Miami-based real estate investment firm bought the 41-unit Cypress Heights apartments Aug. 4 for $2.81 million.
Concession Management LLC, through Palazzo Jacksonville LLC, is led by Abiel Ballesteros, Sam Jazayri and Rene Sanchez. It paid $68,536 per unit for the property at 6650 103rd St. in West Jacksonville.
Cypress Heights, formerly the Windy Pines Apartments, comprises 10 single-story buildings constructed in 1990.
The seller is Jax ECR LLC, managed by real estate investment company Equity China Inc., of East Greenwich, Rhode Island. Jax ECR paid $1.8 million for the community in December 2017.
Steven McAdoo, associate director of multifamily investment sales at Jacksonville-based Prime Realty Commercial Real Estate, represented Concession Management in the off-market transaction.
McAdoo previously represented Concession Management in the $2.45 million purchase March 20 of the 41-unit Monroe Manor in the Normandy area of West Jacksonville. Monroe Manor comprises 18 single-family, duplex and triplex properties.
He continues to search for off-market opportunities with Ballesteros as Concession Management grows its portfolio in Jacksonville.
In an announcement from Prime Realty, Ballesteros is “seeking better returns for his investors than South Florida was offering.”
“Ballesteros and his team began an aggressive search for multifamily properties with untapped potential in Jacksonville. While other investors cautiously sat on the sideline during the pandemic, Concession Management saw an opportunity in having less competition for the properties they were chasing and used it to their advantage,” Prime Realty said.
Colliers International reported in its year-end 2019 Jacksonville multifamily market report that the average sales price per unit was $104,000.
SAR Apartment Capital LLC is a national multifamily investment firm with over $130,000,000 of assets under management.