American Landmark has sold its 300-unit apartment community called Landings at Lake Gray in West Jacksonville, Fla., to ApexOne Investment Partners for an undisclosed price.
The property, located at 6500 Lake Gray Blvd., offers more than 280,000 square feet of multifamily space split between one-, two- and three-bedroom apartments, according to Yardi Matrix data. The units are all equipped with washer/dryer units and a fireplace, while the property includes a fitness center, clubhouse, pool, car care center and 600 parking spaces.
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The community was completed in 2005 and has a 95 percent occupancy rate, according to Yardi Matrix data. The units come in at an average rent of $1,263 a month and an average unit size of 936 square feet. American Landmark purchased the property in March 2017 for $31 million from Olympic Investors, according to Yardi Matrix.
CBRE’s Shelton Granade, Joe Ayers and Cliff Taylor represented American Landmark, while ApexOne was not represented by a broker.
JACKSONVILLE’S JUMP IN UNITS
Ayers, vice president at CBRE, said the West Jacksonville area surrounding Landings at Lake Gray saw strong rent growth in 2018 compared to its neighboring North Florida submarkets and is expected to continue its growth for the next five years.
He added that the building would likely benefit from the new interchange of Interstate 295 and Collins Road, which has proved successful so far with new retailers like Costco moving into the area.
The overall Jacksonville area is also seeing several multifamily developments come online, according to CBRE’s second quarter report. The report showed that Jacksonville saw 1,365 apartment units enter the market recently through residential developments like RiverVUE Apartments at 3946 St Johns Ave., SUR at Southside Quarter at 7385 Park Village Drive and Lofts at Lavilla at 995 Water St.
CBRE’s report also showed that there’s still 27 developments under construction that will add another 7,310 units to Jacksonville’s stock and 12 proposed developments that account for 2,980 units that will be added to the pipeline.