Jacksonville Portfolio Trades for $49M

CBRE represented Carter Funds in its sale of two value-add communities totaling 422 units.
The Oaks on Monument

Kimball Key LLC paid $49 million to acquire The Oaks on Monument and Laurel Pointe Apartments, two Class B communities in Jacksonville, Fla. CBRE arranged the transaction on behalf of Carter Funds, the seller of the value-add portfolio.

Carter Funds secured a $20.5 million CMBS loan with Wells Fargo Bank for the purchase of The Oaks on Monument in 2018, according to Yardi Matrix data. The same year, Laurel Pointe Apartments became subject to a $9.6 million Fannie Mae loan originated by Berkadia Commercial Mortgage.

Built in 1975, The Oaks on Monument is located at 401 Monument Road and comprises 262 units across 16 buildings. The floorplan mix consists of studios and one to three-bedroom apartments, ranging from 452 to 1,055 square feet. Amenities include a clubhouse, two swimming pools and five laundry rooms, a playground and 500 parking spaces.

The Oaks on Monument is across the street from The Regency Square Mall and less than 8 miles from the city center. Jacksonville University is 6 miles from the property.

Laurel Pointe Apartments encompasses 14 buildings at 3000 Coronet Lane. The community offers 160 units in a mix of one- to three-bedroom apartments, spanning from 835 to 1,200 square feet. Residents have access to a gym, a clubhouse, a tennis court, a playground, two swimming pools, two laundry facilities, as well as 400 parking spaces.

The property is roughly 5 miles from both downtown Jacksonville and Jacksonville University. The retail corridor along Beach Boulevard and the Memorial Hospital and medical centers are also nearby.

Cliff Taylor, senior vice president in the Jacksonville office of CBRE, alongside Vice President Joe Ayers, represented Carter Funds in the transaction.

A strong multifamily market

Northeast Florida has shown a consistent demand for multifamily product, driven by strong demographics. Over the past decade, Jacksonville has seen a 15.6 percent population increase, more than double the national average rate.

Last year, the metro experienced a decade peak in transactions, with a total volume of $1.6 billion in multifamily sales, according to Yardi Matrix data. Approximately three-quarters of the apartment properties that were underway in 2020 are expected to come online in 2021.