(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)

JACKSONVILLE, FL—In a sale brokers say bolsters the trend for class A stabilized multifamily assets in prime locations, Villas of St. Johns has traded for $38.6 million. That translates to $150,194 per unit for the 257-unit riverfront community.

Brian Moulder and Dhaval Patel of the CBRE Jacksonville Multi-Housing Group, represented the seller, Northwestern Mutual Life. Bell Partners acquired the asset.

“The market for this deal was extremely competitive,” Moulder, a senior vice president at CBRE, tells GlobeSt.com. “We saw capital come to market that we haven’t seen in some time, from the REITs to the institutions to private capital. We had more offers on this multifamily asset than we’ve received on anything in the recent past.”

Located at 2054 Riverside Avenue, the Villas of St. Johns is just blocks away from Downtown Jacksonville in the Riverside Avondale Historic District. A nationally recognized historic community, the investment opportunity was made only more compelling as a class AAA property with 97% occupancy.

Clearly, part of the reason for the fierce competition for Villas of St. Johns is the location. The Riverside market has been nationally recognized for its livability. The per capita income is healthy and the neighborhood is home to St. Vincent’s Hospital.

“Publix is literally out the front door,” Moulder says. “Restaurants, bars, and Memorial Park just to the north of the property. Once you get on the back of the property and the views overlooking Ortega and San Marcos are spectacular.”