Breakwater Studios, a North Jacksonville apartment community created through an adaptive reuse of a hotel, was sold for $12.3 million May 5.
Shoreline Capital CRE LLC of Hallandale Beach sold the property at 1057 Broward Road through 1057 Broward Landing LLC.
TLV Investments 2 LLC purchased the studios through Jax Fund 5 LLC, both based in Sunrise.
The property is on 8.65 acres and was built in 1973 as a motel. It was a hospitality property until the early 2020s, when it was renovated into a 192-unit studio apartment complex.
The unit price for the sale is $64,062.
Breakwater Studios, built in 1973 as a motel, includes 192 units near the Jacksonville Zoo and Botanical Gardens.
Special to the Daily Record
The studios are 286 to 316 square feet with rents from $800 to $890, according to Apartments.com.
Listed as a smoke-free community, Breakwater Studios includes a grilling and picnic area, laundry facilities, key fob entry, a clubhouse, a courtyard and bicycle storage. Property management and maintenance are on-site.
The apartments are near the Jacksonville Zoo and Botanical Gardens, west of Interstate 95 and north of Zoo Parkway.
The property last sold in October 2022 for $7.39 million.