MIAMI—Huntington at Hidden Hills, a 224-unit multifamily complex in the East Jacksonville, FL submarket, has changed hands. The sale price was $12.5 million in a deal that offers value-add potential to the new owners.

The ARA Central and North Florida-based sales team, led by senior vice president Matt Wilcox and principals Kevin Judd and Patrick Dufour, represented the sellers, San Francisco-based McDowell Properties and GA-based AREA Properties Partners in the $12.5 million sale. Jacksonville-based Michaelson Group purchased the asset.

“Huntington at Hidden Hills is a prime example of the rebound in the Jacksonville multifamily sector,” Wilcox says. “The asset was last purchased from a distressed situation in 2011.”

Built in 1986, Huntington at Hidden Hills Apartment Homes benefits from a strong location with visibility along Monument Road, where the average daily traffic count is 26,000. The property offers convenient accessibility to Interstate 295 and the Arlington Expressway, both located minutes west. The location gives residents a route to downtown and “beltway” access to the greater Jacksonville area.

“The seller turned and stabilized the tenant base and infused necessary deferred capital,” Wilcox says. “The buyer will continue the work with value-add upgrades to the property amenities and unit interiors bringing the performance in-line with the stabilized comp set.”

The buyer, Michaelson, targets multifamily assets with value-add potential with the goal of driving up revenue by leveraging its core marketing, management, and repositioning capabilities. Huntington is 96% occupied.

“Jacksonville continued its upward trend in occupancy rates through 2012,” Wilcox says. “As of the fourth quarter of 2012, occupancy was recorded at 92.7%, representing a full 2% improvement year-over-year and a drastic 3.7% increase over two years.”