JACKSONVILLE, FL—Although South Florida is a hot spot formultifamily, Jacksonville multifamily is alsoseeing some action. Palatine Capital Partners justbought Villas at Dames Point Crossing multifamilycomplex for $14.02 million. That equals $77,889 per unit and $66.76per square foot.

That’s well below replacement cost for the newly-constructedmultifamily property. Built in two phases, Villasat Dames Point Crossing has 180 units. One hundred twenty unitswere completed in 2006 and another 60 units, initially built ascondominiums, came online in 2007.

John Stone, principal and managing director ofMulti-Family Housing for Colliers International TampaBay, along with CEO Robert Selton andsenior associate Douglas Blair, with ColliersInternational Northeast Florida, represented the seller,Dames Point. Brad Coe ofHorizon Realty Management, represented Palatine.There were 56 interested buyers and seven offers on themultifamily asset.