Doral Oaks Apartments sell for $13.75 million

BUYER: JMJ Doral Oaks LLC (principal: Jose Jimenez) and DJ Doral Oaks LLC (principal: Damian Jimenez), Escondido, Calif.

SELLER: GMC Doral Oaks LLC

PROPERTY: 105 Sunnyside Road, Temple Terrace

PRICE: $13.75 million

PREVIOUS PRICE: $10.7 million, August 2009

LAW FIRM ON DEED: Pappas Metcalf Jenks & Miller PA, Jacksonville

PLANS, DESCRIPTION: Brothers Jose and Damian Jimenez of Escondido, Calif., purchased the 252-unit Doral Oaks Apartments for $13.75 million.

The price equated to $54,563 per unit.

Built in 1967, the property was renovated by the two previous owners over the past five years.

Byron Moger and Luis Elorza of Cushman & Wakefield of Florida Inc. handled the transaction.

Its occupancy was in the mid-90% range at the time of the sale.

“It's right next to the downtown city center redevelopment,” Moger says. “A lot of things are happening there, so it should benefit substantially from that. The seller bought the property at a good price, and the market had improved, so they felt it was an opportune time to sell.”

The property features a clubhouse, fitness center and laundry facilities.

The purchase entities, JMJ Doral Oaks LLC and DJ Doral Oaks LLC, mortgaged the property to Arbor Commercial Funding LLC for $8.97 million.