JACKSONVILLE, FL - CBRE has facilitated the sale of Pinebrook Apartment Homes, a 208-unit multifamily property located in the Southeast submarket of Jacksonville. Bella Property, LLC acquired the asset for $26.1 million, a breakdown of $125,481 per unit. CBRE’s Cliff Taylor and Joe Ayers represented the seller, Pinebrook CE Partners, LLC, in the transaction.
“Pinebrook Apartments represents an incredible value-add opportunity in the exploding Jacksonville market. The property has had significant improvements completed over the last 18 months that have heightened the desirability of the property for prospective tenants that included both exterior enhancements as well as high-level interior renovations to select units,” said Mr. Taylor, a Senior Vice President with CBRE. “The price per unit for Pinebrook Apartments is among the highest ever paid for 1970’s product in Jacksonville, which is a testament to the quality of the property, the improvements that have been made and the ongoing potential of the investment.”
Originally built in 1974, the Pinebrook Apartments are located at 7500 Powers Avenue and are comprised of 13 apartment buildings and one clubhouse. The property is located in the middle of a residential pocket near schools, retail and employment centers. There has been significant multifamily activity in the submarket this year with the CBRE team facilitating the sale of a neighboring property, Heron Walk, in May 2021.
According to Mr. Taylor, “The desirability of the Jacksonville market in the minds of multifamily investors from across the country cannot be overstated. 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.”