Sureste Properties Group LLC has acquired two communities, totaling 134 units, in Jacksonville, Fla. Greyson Capital Group sold the properties for $22.3 million. CBRE worked on behalf of both the Atlanta-based buyer and the Michigan-based seller. The seller was represented by CBRE Senior Vice Presidents Cliff Taylor and Joe Ayers, as well as Associate Ryan Hixon.
This purchase marks Sureste Property Group’s first Jacksonville-area acquisition, said Ayers in prepared remarks. He also stated that the buyer is planning on bringing additional improvements to both properties— Kings Tree Apartments and Park Place Apartments. Prior to the sale, Greyson Capital Group also upgraded the properties, including work to the roofs, exterior painting and upgrades to unit interiors.
Located at 401 Loring Ave. in Orange Park, Fla., Park Place Apartments features 70 units across five buildings. The units offer one- and two- bedroom floorplans, averaging 857 square feet. The community was built in 1973.
Kings Tree Apartments is located at 1800 Kingsley Ave., in Orange Park, close to Park Place Apartments. The property was built two years before its neighbor. The nine-building community comprises 64 units and offers one-, two- and three-bedroom units, averaging 945 square feet.
Both properties are situated off Highway Route 17, which offers several retail, dining and entertainment options nearby.
Florida continues to offer strong multifamily fundamentals, and Jacksonville is no stranger to this. What’s more, in a recent study by RentCafe, Jacksonville landed the sixth spot nationwide in a ranking of the country’s best cities for renters in 2022.