JACKSONVILLE, FL-Miami-based Auker-Dimond Developments has purchased the 256-unit Claire Pointe apartments and plans to convert the property immediately to condos with a $6-million renovation program. The 20-year-old property is at 3355 Claire Lane.
Neither the buyer nor the seller, Chicago-based Equity Residential, would disclose the price until it is recorded in St. Johns County real estate records. However, area multifamily brokers familiar with the Mandarin submarket tell GlobeSt.com the property probably sold for an estimated $46,880 per unit or a total $12 million.
Kevin Judd and Richard Donnellan of Apartment Realty Advisors in Boca Raton, FL brokered the 19-acre transaction. Judd calls the Mandarin submarket "One of the most sought after" by buyers and renters in Jacksonville. The property also has attached garages and townhouses. "These factors, combined with Jacksonville's continued demand for condominiums, will make Claire Pointe an excellent conversion," Judd says.
His partner, Donnellan, notes that in 2005, 2,064 rental units were converted to condos in Jacksonville, "more than doubling last year's figure and resulting in an increase in absorption and occupancy rates." The median home price in November 2005 was $790,000, up 17% from the same period in 2004, "demonstrating the underlying strength of this emerging market," Donnellan adds.
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