CBRE has arranged the $26.1 million sale of Pinebrook Apartment Homes, a 208-unit multifamily property located in the Southeast submarket of Jacksonville. Cliff Taylor and Joe Ayers of CBRE represented the seller, Pinebrook CE Partners, in the transaction. The buyer was Bella Property LLC.
Built in 1974, the property is located at 7500 Powers Ave. and consists of 13 apartment buildings and one clubhouse. The property is located in the middle of a residential pocket near schools, retail and employment centers.
“The desirability of the Jacksonville market in the minds of multifamily investors from across the country cannot be overstated,” said CBRE’s Taylor. “Investors are anxious to be a part of what is projected to be unprecedented growth and asset appreciation in the state over the next decade.”
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.