Multifamily

JACKSONVILLE, FLA. — Marcus & Millichap has arranged the $3.5 million sale of Royal Estates, a 176-unit apartment property at 8050 Arlington Expressway in Jacksonville. The transaction was a lender-approved short sale. The property was 50 percent occupied at the time of sale, with “a tremendous amount of deferred maintenance,” according to Marcus & Millichap. The buyer plans to rehab the property. The property, constructed in 1973, includes a leasing center, two swimming pools, courtyards, playground areas, a basketball court, a tennis court and two laundry rooms.

ORLANDO — Pollack Shores Real Estate Group has acquired its second luxury apartment community in Orlando in the last three months: Sabal Palm Beach at Metrowest II. The 456-unit apartment community is located at 6101 Raleigh St., near Universal Studios and the 408 Expressway. The new owner plans to invest $1.5 million to upgrade the clubhouse, pools, landscaping and other amenities. Matrix Residential will manage the property. Pollack had also purchased the 252-unit Polo Glen Apartments in the Melbourne area in January. Jones Lang LaSalle arranged the debt financing for the transaction.

FREDERICK, MD. — KBS Legacy Partners Apartment REIT has purchased Crystal Park at Waterford, a 314-unit garden-style apartment community in Frederick for $44.9 million. The 12-building complex is located on Route 15 and is 93 percent occupied. The seller, Federal Capital Partners, has invested in capital improvements to the common areas and clubhouse in recent years. Drew White, Ryan Ogden and Mike Marshall of ARA represented the seller in the transaction.