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Balfour Beatty Communities JV buys Jacksonville, Fla., apartment community

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Balfour Beatty Communities JV buys Jacksonville, Fla., apartment community

A joint venture between multifamily property owner Balfour Beatty Communities LLC and investment firm ApexOne Investment Partners acquired a 300-unit apartment community in Jacksonville, Fla., the Jacksonville Business Journal reported.

The Landings at Lake Gray property at 6500 Lake Gray Blvd. was sold for an undisclosed amount by American Landmark Apartments, which was represented by CBRE. The seller reportedly acquired the property for $30 million in a 2017 joint venture deal.

The Balfour Beatty Investments Inc. subsidiary plans to upgrade the property, according to the publication.