CBRE ARRANGES 16M SALE OF 208 UNIT APARTMENT COMPLEX IN JACKSONVILLE FLORIDA

Jacksonville, Fla. – October 14, 2019 – CBRE announced today it closed the $16 million sale of Pinebrook Apartments, a 208-unit multifamily asset at 7500 Powers Avenue in Jacksonville, Florida. CBRE’s Joe Ayers and Cliff Taylor arranged the sale on behalf of the seller, GMC Investments. Odessa Realty Investments purchased the property.

“Pinebrook Apartments represented an incredible value-add opportunity on Jacksonville’s south side,” said Cliff Taylor. “With the strong retail pocket to the north, the proximity to the city’s major employment centers and the new International Baccalaureate program at nearby Wolfson High School, the property is poised to benefit from continued renovations. It offers new ownership upside potential by improving the asset’s quality and leveraging its strategic location in one of the nation’s Top-10 rent growth markets.”

Apartment fundamentals in the Jacksonville MSA are solid, creating an ideal environment for investors. According to CBRE Econometric Advisors, employment gains in the market have been steady over the past few years and should continue to have a positive effect on the apartment market. Average household income in the metro is forecast to grow by 18.4% over the next 5 years, allowing for more affordability among the renter community.

Built in 1974, Pinebrook Apartments features fully renovated 1, 2 and 3-bedroom apartment homes with upgraded features, such as white cabinetry, nicely equipped energy efficient kitchens, modern lighting fixtures and open kitchen/living room floorplans. The property has easy access to local transportation and Interstate 95.