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Edward J. DeBartolo Of DeBartolo Holdings Acquires Multifamily Asset From Andy Allen For $67.5M

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SOLD
$67,500,000

Florida

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MultiFamily
Sold 10/02/2025
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Property Image
SOLD

Edward J. DeBartolo Of DeBartolo Holdings Acquires Multifamily Asset From Andy Allen For $67.5M

14200 Duval Road

See Similar Deals
MultiFamily
Sold 10/02/2025
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale

The property involved in this transaction is a multifamily asset located at 14200 Duval Road, Jacksonville. The asset encompasses 13.53 acres and consists of 390 residential units. The sale price for the transaction was $67,500,000, resulting in a price per unit of $173,077.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $67,500,000
  • Units: 390
  • Price Per Unit: $173,077
  • Buyer: Edward J. DeBartolo - DeBartolo Holdings
  • Seller: Andy Allen - Corner Lot
  • Market: Jacksonville
  • Acres: 13.53

Edward J. DeBartolo, representing DeBartolo Holdings, acquired the property from Andy Allen, who represented Corner Lot. The transaction involved The Avery at River City Marketplace, a 2022–2023-built apartment community featuring amenities such as a pool, clubhouse, fitness center, and pet spa, located across two adjoining parcels of land.

Players

Andy Allen
Corner Lot
Andy Allen
3 deals$149.7M volume
SELLER

Details

SOLD
IMAGE: Andy Allen & Edward J. DeBartolo DATE: 10/02/2025 ADDRESS: 14200 Duval Road MARKET: Jacksonville ASSET TYPE: Multifamily ~ ACRES: 13.53 BUYER: Edward J. DeBartolo - DeBartolo Holdings SELLER: Andy Allen - Corner Lot (@CornerLotDevelopment) SALE PRICE: $67,500,000 UNITS: 390 ~ PPU: $173,077 NOTE: DeBartolo Holdings purchased The Avery at River City Marketplace, a 390-unit apartment community in North Jacksonville, from Corner Lot for $67.5 million ($112,500 per unit). The 2022–2023-built complex spans 20 acres across two adjoining parcels and includes resort-style amenities such as a pool, clubhouse, fitness center, and pet spa.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$3,600,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$239,813.24
Cash-on-Cash Return-1.27%
Monthly Debt Service$319,984.44
Annual Debt Service$3,839,813.24