Jacksonville Property Commands Record Per-Unit Price

RST Development purchased the luxury community for $63.4 million, or $211,333 per unit, the highest price per unit ever paid for a Northeast Florida suburban asset. CBRE represented the seller.
Steele Creek Apartments
Steele Creek Apartments. Image courtesy of CBRE

AC Packer West has sold Steele Creek Apartments, a 300-unit luxury community in the Butler Corridor submarket of Jacksonville, Fla. RST Development acquired the asset for $63.4 million, or $211,333 per unit, the highest price per unit for a suburban multifamily property in Northeast Florida.

The purchase represents RST Development’s first foray into the Jacksonville multifamily market. CBRE Vice President Joe Ayers, Senior Vice President Cliff Taylor and Vice Chairman Shelton Granade acted on behalf of the seller in the deal.

Steele Creek is located at 8599 A.C. Skinner Parkway, near Interstate 95. The surrounding area is an employment hub with more than 52,000 jobs, comprising nearly 15 million square feet of office space. Residents have easy access to St. John’s Town Center’s 2.5 million square feet of retail, St. Vincent’s Medical Complex and the Mayo Clinic. Downtown Jacksonville is within a 15-minute drive of the asset, while Jacksonville International Airport is approximately 27 miles north.

Developed in 2018 on a 14.8-acre site, the community consists of six four-story buildings, per Yardi Matrix data. The unit mix includes one- to three-bedroom apartments, with floorplans ranging from 798 to 1,380 square feet. All areas of Steele Creek benefit from high-tech devices such as smart thermostats and USB ports. Other amenities include a business center, a beach retreat with hammocks, a swimming pool and electric car charging stations. As of April, the property was 96 percent occupied.