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Villas at Dames Point Crossing Trades for $14M

JACKSONVILLE, FL—Palatine Capital Partners bought the multifamily asset for less than replacement costs.

By Jennifer LeClaire | Updated on September 10, 2012

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.

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