JACKSONVILLE, FL—Although South Florida is a hot spot for multifamily, Jacksonville multifamily is also seeing some action. Palatine Capital Partners just bought Villas at Dames Point Crossing multifamily complex for $14.02 million. That equals $77,889 per unit and $66.76 per square foot.

That’s well below replacement cost for the newly-constructed multifamily property. Built in two phases, Villas at Dames Point Crossing has 180 units. One hundred twenty units were completed in 2006 and another 60 units, initially built as condominiums, came online in 2007.

John Stone, principal and managing director of Multi-Family Housing for Colliers International Tampa Bay, along with CEO Robert Selton and senior associate Douglas Blair, with Colliers International Northeast Florida, represented the seller, Dames Point. Brad Coe of Horizon Realty Management, represented Palatine. There were 56 interested buyers and seven offers on the multifamily asset.