Balfour Beatty Communities, a real estate services company based in Malvern, has expanded its presence in Florida with the acquisition of a 300-unit apartment community in Jacksonville, writes Natalie Kostelni for the Philadelphia Business Journal.
Terms of the deal were not disclosed.
The acquisition of Landings at Lake Gray was made in partnership with ApexOne Investment Partners, an investment firm Balfour Beatty has partnered with on previous deals.
The property was acquired from American Landmark Apartments, which has owned it for the last two years.
Landings at Lake Gray is the second property in Jacksonville and 11th in Florida that Balfour Beatty has purchased. It was developed 14 years ago on a 14-acre parcel. The new owner plans to further invest in it with a number of upgrades.
“Landings at Lake Gray is located in a highly sought-after area of Northeast Florida and benefits from its close proximity to Jacksonville’s largest employment centers,” said Gen Bauer, senior vice president of Balfour Beatty Communities.
Read more about Balfour Beatty Communities in the Philadelphia Business Journal here.