The Collins Group Buys Jacksonville Apartment for $47M
The seller of the value-add property was a fund managed by New York-based DRA Advisors.
The Kensley Apartment Homes, a 300-unit value-add apartment in West Jacksonville, has traded for $47 million. The New York-based Collins Group acquired the property, which is located at the intersection of Interstate 295 and Collins Road. The seller of was a fund managed by New York-based DRA Advisors.
CBRE’s Cliff Taylor and Joe Ayers represented the seller in the transaction.
West Jacksonville is now among the strongest rent growth submarkets in the city, according to Taylor, following the opening of the new interchange at Collins Road and the I-295 Beltway when rents began to escalate rapidly.
“The creation of a new access point, followed by new retail services like Costco, served to create a dynamic rental pocket where residents want to live,” he said in prepared remarks.
Built in 2004, the property consists of a mix of studios and one, two and three-bedroom floorplans with 9-foot ceilings throughout. Community amenities include a swimming pool, sun deck, dog park, fitness center, clubhouse, and coffee bar.