JEM paid Laramar Group of Chicago $56,330 per unit for the 18-year-old property located on a 12.9-acre site. Cole Whitaker, Florida director of the Apartment Group and director Hal Warren negotiated the transaction for Laramar. The buyer represented itself.
Warren tells GlobeSt.com the property was on the market for five months. The deal took 90 days to complete, from contract signing to closing. "There were no special environmental or governmental challenges to overcome by either buyer or seller before closing" the deal, Warren says. JEM owns five commercial properties in Jacksonville.
Laramar had owned the property for two years and decided to sell the asset because it was closing out its fund, Warren says. The average asking base rent range at Landing Apartments is $700 to $815 per month for living areas that average 750 sf for one-bedroom, one-bath units to $1,050 sf for two-bedroom, two-bath units.
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