The 300-unit Steele Creek community in Jacksonville, FL.

JACKSONVILLE, FL—RST Development has entered the Jacksonville multifamily market with the $63.4-million purchase of the 300-unit Steele Creek Apartments community here, which brokers say is the highest-per-unit price paid for a suburban multifamily asset in Northeast Florida.

The newly developed property was sold by AC Packer West, which was represented in the transaction by CBRE's Joe Ayers, Cliff Taylor and Shelton Granade. The deal calculated out to $211,333 per unit.

AC Packer West was the developer of Steele Creek community. The Jacksonville Business Journal reported in 2016 that construction had just started on the $33-million project.

CBRE touts Steele Creek's is in a major employment hub surrounded by nearly 15 million square feet of office space and more than 52,000 jobs. The property has access to the Butler Corridor's office parks, The St. John's Town Center's 2.5 million square feet of retail space, St. Vincent's Medical Complex, the Mayo Clinic and Downtown Jacksonville.

“The residents at Steele Creek are drawn in by the market leading technology and finishes coupled with an incredibly convenient location,” says CBRE SVP Cliff Taylor. “Steele Creek offers unmatched tech touches in individual units and shared spaces such as smart thermostats, USB ports, a tech-centric business center, car charging stations, laundry lockers and more. With the nearby employment and office market momentum, as well as successful and plentiful retail, this truly is a best-in-class location.”

CBRE adds that the Jacksonville multifamily market is robust, fueled by consistent apartment rent growth, steady job and population growth and an expected increase in household income.

“The attention to detail that was paid by the developer throughout design and construction was rewarded with tremendous demand and velocity through the property's post-construction leasing period,” says CBRE VP Ayers. “The property represented an incredible opportunity for the buyer to enter the Jacksonville market with the acquisition of one of the area's highest-performing assets. With Jacksonville's compelling job growth and in-migration, Steele Creek is poised to continue to lead the way in multifamily performance in Jacksonville.”

Instant Insights /

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