Lenger Financial buys Avalon Hill in Jacksonville for $10.8m

Lenger Financial bought Avalon Hill, a 194-unit apartment complex in Jacksonville, Florida, for $10.8m. Located in the Jacksonville Oakwood Villa submarket, the property changed hands for $55,670 per unit. The garden-style community’s 14 buildings are positioned on 12.4 acres next to the 50-acre Tree Hill Nature Center. Avalon Hill was 88 percent leased at the time of the sale. Common amenities include a swimming pool, a laundry facility, a clubhouse and a playground. The seller, Mody Real Estate Group, provided the buyer with a three-year, $7.9m acquisition loan. Mody purchased the property in April 2011, through a deed in lieu of foreclosure from the Housing Partnership of Northeast Florida.