Beach Boulevard apartments sell for $37.6 million - Jacksonville Business Journal

A Beach Boulevard apartment complex has sold for $37.6 million or $165,638 per unit to a Miami-based firm, brokerage NAI Hallmark announced Tuesday.

Magnolia Point Apartments, located at 7507 Beach Blvd., consists of 227 units, a press release said. The seller is Englewood Cliffs, New Jersey-based Simplicity Capital. The buyer is Miami real estate firm Fincapital Investments. In a social media post, Fincapital Investments said Magnolia Point was the company's fifth acquisition in 2022 and ninth addition to its portfolio. Built in 1973, the property sits on 15 acres and the units are spread across 30 two-story buildings with one-, two- and three-bedroom apartments.

NAI Hallmark Senior Vice President John Rutherford and Vice President Luke McCann brokered the transaction, the release said.

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