Villas at Dames Point bought for $17M by Washington D.C.-based firm

May 20, 2016
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May 20, 2016, 11:11am EDT By Derek Gilliam Jacksonville Business JournalReal Estate Sign – Sold

The 180-unit Villas at Dames Point apartment community in Jacksonville was sold on Thursday for $17 million or $94,500 per unit.

Dames Point Partners LLC sold the community located at 8291 Dames Point Crossing Boulevard to Washington D.C.-based The Republic Family of Companies through VMHF Jacksonville LLC.

The Villas at Dames Point was constructed in 2007. Since its delivery to market, it has undergone minor cosmetic-based improvements to its amenities and landscaping leading up to the sale.

The property consists of six three-story buildings, 27 private detached garages, a private lake, and a gated access control system. The unit mix consists of 54 one bedroom/one bathroom units with four floor plans ranging in size from 844 square feet to 1,151 square feet, and 126 two bedroom/two bathroom units with four floor plans ranging in size from 1,127 square feet to 1,434 square feet.

The apartment complex is configured on a 11.5 acre parcel and the total building area equates to 210,018 square feet. The community was 93% occupied at sale.

Bradley Coe and Douglas Blair, both managing directors of multifamily investment services at Colliers International Northeast Florida, brokered the transaction between the parties.

“Republic ventured to Jacksonville based on the region’s continued annual job growth, population increases through steady in-migration, strong multifamily sector fundamentals, and the promising outlook for Jacksonville moving forward.” Coe said. “Republic is bullish on Jacksonville and that the company intends to work with him and his team to source additional acquisitions.”

The Republic Family of Companies is a privately owned, full-service real estate investment, management and development enterprise. Republic has developed and invested in real property transactions totaling over 17 million square feet with a value in excess of $4 billion.

Colliers International of Northeast Florida has recently closed on other notable sales, according to a news release.

On May 3, 7001 Plantation LLC bought a 14,400-square-foot building at 7001 W. Broward Blvd. in Plantation, Florida, for $2.1 million from First States Investors 5200 LLC. Colliers International broker Chuck Diebel represented the seller in the transaction.

In Fleming Island, The Medical Imaging Partnership Jax1 LLC bought 1540 Business Center Drive for 1.2 million from Protective Life Insurance Co. Colliers Internationl of Northeast Florida brokers Fran Pepis and Matt Caven represented the seller in the transaction.

In Jacksonville, Reman LLC bought 7,500 square feet building at 13453 N. Main Street from LUSA LLC for $690,000. Pepis represented the buyer in this transaction that closed last week.