CBRE Brokers $49M Sale of Jacksonville MF Portfolio
CBRE has arranged the $49 million sale of a 422-unit multifamily portfolio in Jacksonville. Cliff Taylor and Joe Ayers of CBRE represented the seller, Carter Funds, in the transaction. The buyer was Tampa-based Kimball Key LLC.
The portfolio consists of The Oaks on Monument and Laurel Pointe Apartments. The Oaks on Monument was originally constructed in 1975 and is located at 401 Monument Road. Laurel Pointe Apartments was built in 1970 and is located at 3000 Coronet Lane.
“The purchase of these two assets represents a unique opportunity for the buyer to add over 400 value-add units to its portfolio in one of the nation’s best performing multifamily markets. Jacksonville’s resilience throughout the pandemic has been heralded throughout the country and the investment world has taken note,” said Taylor.