Element Property Co. has purchased the 361-unit Kernan Oaks Apartments in Jacksonville, Fla., with plans to convert the 25-year-old student-housing property into conventional rentals. The property, at 3601 Kernan Blvd. South, was purchased for $87 million, or $240,997/unit, and was capitalized with a $70.4 million mortgage and crowdfunded equity.

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