Preferred Apartment Communities buys The Lux apartments in Jacksonville

The Lux, a 265-unit apartment complex in Jacksonville, Fla., has been acquired by Preferred Apartment Communities. Located at 11901 Abess Blvd., the asset encompasses 15 one-bedroom, 113 two-bedroom and 37 three-bedroom units with an average monthly rent of $1,355 per unit. Currently 90 percent leased, the property features controlled access, fitness and business center, clubhouse, swimming pool, a volleyball court and a total of 572 parking spaces.

Terms of the sale were not disclosed but PAC financed the deal with a 12-year, $31.5 million mortgage provided by Nationwide Life Insurance Co. The newly-acquired community is adjacent to another one owned by PAC, bring its total Jacksonville intracoastal footprint to more than 550 units. The company is looking for similar acquisitions with sustainable cash flows. “The acquisition of Lux is a great start to 2018 after a highly successful 2017 in which PAC acquired 13 Class A multifamily and student housing communities totaling over 3,200 units and originated five real estate investment loans for the development of Class A multifamily and student housing communities,” said Jeff Sherman, executive vice president at PAC.