U.S.-based real estate company Boardwalk Wealth has acquired San Jose Apartments in Jacksonville, Florida from rival Avesta Communities.
Boardwalk Wealth acquired the 138-unit class C community for about $12.1 million.
The company also received $10.7 million in funding from Bancorp Bank to fund the move.
Moreso, Boardwalk Wealth will invest more than $2 million in the asset renovation. Following the closure, U.S. real estate manager ResProp Management will continue managing the asset and oversee construction management.