GMC Properties buys Villages at Turtle Creek

BUYER: GMC Turtle Creek LLC (J&K Turtle Creek LLC and R&D Turtle Creek LLC), Jacksonville

SELLER: Turtle Creek LP

PROPERTY: 14620 Turtle Creek Circle, Lutz

PRICE: $10.2 million

PREVIOUS PRICE: $5.8 million, May 1996

LAW FIRM ON DEED: Waller Lansden Dortch & Davis LLP, Nashville, Tenn.

PLANS, DESCRIPTION: Jacksonville-based GMC Properties purchased the 232-unit Villages at Turtle Creek apartments for $10.2 million.

The price equated to $43,966 per unit

Built in 1985, the 166,721-square-foot apartment complex occupies an 11.52-acre parcel. The gated property features a 2,249-square-foot clubhouse, pool, fitness center, laundry facilities and sports courts.

The company's website says it owns a total of 14 apartment complexes in Jacksonville and Charlotte, N.C.

Purchaser GMC Turtle Creek LLC mortgaged the property to Berkadia Commercial Mortgage LLC for $7.6 million.