Pensacola apartments sold for $17.8 M

The Birmingham Business Journal reports Florida-based Blue Magma Residential acquired Heritage Apartment Homes in Pensacola, Florida, for $17.8 million, or about $91,752.58 per unit, from John Mejia and Birmingham-based Providence Investments.

In 2014, Mejia acquired the complex for $11.6 million, or about $59,793.81 per unit. He made a nice $6.2 million profit for his five-year investment.

The 194-unit garden-style multifamily property on North Davis Highway features one-, two- and three-bedroom floors plans along with a barbecue area, laundry facilities, a fitness center, clubhouse, two pools and a dog park.

Blue Magma is rebranding the property to The Park at Sterling Hills and plans to renovate the unit interiors and clubhouse.