JACKSONVILLE, FL—In one of the largest apartment complex sales in the metropolitan Jacksonville area this year, Olympus Property Management snapped up a two-property multifamily portfolio there for $62 million. CBRE Capital Markets represented the seller, Atlanta-based Cortland Partners.

“This market-leading transaction only confirms the sustainability of Jacksonville's improving fundamentals, and the viability of the multifamily sector here,” says Brian Moulder, senior vice president of CBRE Capital Markets, Multifamily. “Rents in Jacksonville are forecasted to increase about 3% each year for the next five years, and average occupancy should hold strong in the 92% to 93% range.”

The properties in the multifamily portfolio are Mirador at River City and Stovall at River City. Mirador is located at 13100 Broxton Bay Drive. Stovall is located at 13000 Broxton Bay Drive. The adjoining multifamily communities sit on the north side of Jacksonville near the River City Marketplace.

Interior amenities include ceiling fans, designer cabinets, GE appliances, walk-in closets, washer/dryers, and garden soaking tubs. The property features a resort-style pool and spa; outdoor grills; tennis courts; dog park and parking garages.

"Stovall and Mirador are perfect representations of Olympus Property's long term vision: purchase quality assets at attractive valuations in strong growth markets,” says Chandler Wonderly, co-founder of Olympus. Cortland could not immediately be reached for comment.

In other recent Jacksonville multifamily news, the 344-unit Remington at Ponte Verde traded hands in October for $35.5 million. 22 Lantern successfully completed a multi-year turnaround strategy on Lantern Square Apartments, a failed condo conversion project in Jacksonville, FL. Prudential Mortgage Capital Company loaned Lantern $18.1 million in a CMBS transaction. And Real Capital Solutions secured a $16.5-million CMBS loan to refinance its 244-unit Eden's Edge multifamily property.