The acquisition represents the firm's broader suburban investment strategy.

VyStar Credit Union approached the ownership about its interest in the building at 76 S. Laura St. earlier this year and a purchase and sale agreement was signed within three weeks of the initial meeting between the buyer and seller.

For-sale inventory in June remained tight, at a 3.9-months' supply for single-family homes and 5.5-months' supply for townhouse-condo properties, according to Florida Realtors.