Sentosa Beachwalk

JACKSONVILLE, FL—American Landmark Apartments has acquired Sentosa Beachwalk, a new 348-unit multifamily community located in Jacksonville's Saint John's suburb. The community will be renamed The Elysian. With this acquisition, American Landmark's portfolio now stands at 30,000 units throughout the Southeast, with four communities in the Jacksonville MSA.

GlobeSt.com has learned the purchase price was $79.5 million.

"We remain bullish on the long-term prospects for Jacksonville and other cities in the Southeast, which we anticipate will recover quickly once the country re-opens for business," said Christine DeFilippis, chief investment officer of American Landmark. "Jacksonville's population grew by about 10% this past decade, and it has a strong back-bone of jobs in manufacturing, logistics and financial services. While the city may see some tempering of job growth moving forward, we do anticipate continued in-migration from states in the Northeast which will shore up demand for apartments throughout the region."

Brian Moulder and Dhaval Patel of Walker & Dunlop in Jacksonville brokered the transaction.

In addition to renaming the property, American Landmark plans to undertake minor property upgrades including adding USB outlets to individual apartments, installing a temperature-controlled package locker delivery system, landscape beautification and upgrades to the common areas, car wash and dog park areas.

Built in 2019, Sentosa Beachwalk is located at 65 Sentosa Drive. One-, two- and three-bedroom units include spacious floor plans, granite countertops, stainless steel appliances and smart thermostat and light controls.

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Multifamily