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Florida & Gulf Coast  + North Florida  + Apartments  |  June 25, 2021
David Cohen
By: David Cohen

CBRE Arranges $21M Sale of Jacksonville Apartments

CBRE has arranged the $21 million sale of La Esperanza Apartments, a 232-unit multifamily property in the Southeast submarket of Jacksonville. The property is located at 3800 University Blvd South.

Arizona-based Wildcat Group acquired the property and plans to reposition and rebrand it. The group plans to implement a substantial capital improvement program that will bring the level of quality at the property up to a standard that competes with more-recently constructed properties in the market, according to CBRE Jacksonville’s Joe Ayers. Jacksonville is also the fastest growing city in Florida, with more than 30,000 people moving into the city in 2020.

Cliff Taylor, Joe Ayers, Michael Regan and Francesco Carriera of CBRE represented the seller, JAX Esperanza LLC, in the transaction.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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