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Monday, June 15, 2009

A Jacksonville Southside Apartment Complex has sold

JACKSONVILLE - Southern Pines, a 200-unit apartment community, in Jacksonville, Florida has just sold. Walchle Lear Multifamily Advisors brokered the sale. Steve Lear and Bart Walchle of Walchle Lear Multifamily Advisors had an exclusive listing on the apartment community. Southern Pines was built in 1989, and is located at 10010 Belle Rive Boulevard.
The sale price was $13 million or $65,000 per unit.
Walchle Lear Multifamily Advisors is a Jacksonville, Florida based real estate service firm. Their focus is on the brokerage of multifamily communities and multifamily land in Florida.
The Buyer was the Real Estate Private Equity firm, Covenant Capital Group LLC.
Covenant Capital Group is a real estate private equity firm specializing in the acquisition and redevelopment of apartment communities. They often do this through joint ventures with local operating partners. Covenant manages approximately $360 million of equity invested in over $950 million of apartment assets.

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