Portofino Apartment Sold for $40.7 Million

28 11 2006

The Portofino apartment complex in Southside has sold for $40.7 million and will soon have a new look and a new name to go with its new ownership. Another condo conversion coming up? Perhaps we have to keep watch on this project.

Archon Group LP, an international full-service investment management and support services company based in Irving, Texas, bought the 10-year-old property on Gate Parkway from Gate Parkway Joint Venture.

“It’s great for the property and great for the residents,” Portofino property manager Brenda Gee said of the Oct. 25 acquisition. “We’re changing the way the property looks and feels.”

Representatives from Archon’s corporate office declined to be interviewed, but the company’s Web site notes two other Archon multifamily developments in Florida: the Aventine at Deerwood in Jacksonville, a 149-unit apartment complex on Touchton Road; and the Bala Sands in Orlando.

Archon bought its first property in Jacksonville in 2003 for $25.3 million.

Walchle Lear Multifamily Advisors partner Steve Lear said Portofino is in a great location near St. Johns Town Center, and Cushman and Wakefield of Florida Inc. director Karl Johnston said it could also be a viable property for conversion into condominiums if that market picks up again.

Archon intends to do some renovations to the 320-unit Portofino, Gee said, including a remodel of the existing clubhouse and model homes. Archon officials declined to disclose renovation details or costs.

Gee said the apartment complex will be renamed the Aventine at Town Center to match its sister property.

Gate Parkway Joint Venture, a partnership between The Vestcor Companies Inc. and Northwestern Mutual Life Insurance Co., bought the Portofino property in 1995 for $2.25 million. The taxable value in 2006, according to the Jacksonville Property Appraiser’s Office, is $28.5 million. CB Richard Ellis broker Dan Allen represented the seller.

Archon Residential Management owns 20 multifamily communities in 10 states in the southeastern and western United States.

Source: Jacksonville Business Journal



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