ApexOne Buys West Jacksonville Multifamily
Apartment fundamentals in the Jacksonville MSA are solid. 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.
JACKSONVILLE, FL—ApexOne Investment Partners, which is based in Houston, has acquired the 300-unit Landings at Lake Gray apartment community here.
The property at 6500 Lake Gray Boulevard, just east of the intersection of Interstate 295 and Collins Road in booming West Jacksonville, was sold by Tampa-based American Landmark Apartments. CBRE’s Shelton Granade, Joe Ayers and Cliff Taylor represented American Landmark in the transaction.
No financial terms of the transaction were disclosed.
Built in 2005, Landings at Lake Gray is conveniently situated at the new $65 million interchange of Collins Road and Interstate 295, which is considered the new gateway to West Jacksonville and has spurred new retail development, CBRE states. The property is near a number of retailers, including Costco, Publix, Best Buy, LA Fitness, Target and Walmart. Additionally, the property offers ApexOne Investment Partners significant value-add upside through minor unit and amenity enhancements, the brokerage firm adds.
“New ownership at Landings at Lake Gray will benefit from both overall submarket demand and the rapid growth of quality retail along Collins Road,” says Ayers, VP at CBRE. “West Jacksonville had the second highest rent growth among all North Florida submarkets last year and is anticipated to be a leading rent-growth submarket over the next five years. Additionally, the new interchange of Interstate 295 and Collins Road is supporting a shifting retail landscape in the area, as evidenced by the recent arrival of Costco and other quality retailers.”
Apartment fundamentals in the Jacksonville MSA are solid. 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 five years, allowing for more affordability among renters in the region.
Last month, American Landmark Apartments announced the launch of its 2019 Multifamily Fund III with a target raise of $500 million. The fund will focus on value-add multifamily acquisitions throughout the Southeastern US. American Landmark and its equity affiliate Electra America also announced in July the final close of their 2018 Multifamily Fund II, which raised $462 million from institutional and private investors.