JACKSONVILLE, FL - CBRE announced New York-based Cyclone Investment Group, in a joint venture with Skywood Properties, purchased a three-property multifamily portfolio totaling 842 units across Jacksonville, Fla., for $96 million.
Cliff Taylor and Joe Ayers with CBRE represented the seller, Los Angeles-based Oro Capital Advisors. Jeff Kinney and Phil Rachels of CBRE Capital Markets arranged the three-year bridge financing with Arbor Realty Trust, which was an 80 percent of total costs, LIBOR floating rate loan, on behalf of the buyer.
Located at 1441 Manotak Avenue, Cross Creek Apartments is a 29-building property consisting of 292 apartments with an average size of 961 square feet. Community amenities include a pool, play area, laundry facility and gated access.
Riverview Apartment Homes is a 21-building property located at 301 Caravan Circle consisting of 304 apartments with an average size of 952 square feet. Community amenities include a business center, picnic area with barbecue, swimming pool, playground, soccer court and laundry facilities.
The Columns is a 29-building property located at 333 Laurina Street consisting of 246 apartments with an average size of 902 square feet. Community amenities include a swimming pool and laundry facilities.
"The Jaguar Portfolio is an incredibly attractive opportunity for investors looking to gain an immediate foothold in one of the nation’s top rent growth markets,” said Mr. Taylor. “We are excited to see the buyer execute their value-add plan and believe that these three properties will continue to benefit from the remarkable growth in Jacksonville.”
Added Mr. Kinney, “The closing of The Jaguar Portfolio illustrates the power of the CBRE platform here in Jacksonville. The successful collaboration with our sales team and our lender resulted in our client receiving the most competitive execution available in the marketplace.”
Over the previous seven quarters, Jacksonville ranks as the no. three market in the nation for multifamily rent growth, only behind Phoenix and Tampa.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.