CBRE Arranges Sale of 405-Unit Westland Park Multifamily Property in West Jacksonville for $57.7 Million

23 Nov 2020

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Jacksonville, Fla. – November 23, 2020 – CBRE has facilitated the sale of Westland Park, a 405-unit apartment community, located at the newly constructed interchange of Interstate 295 and Collins Road in West Jacksonville. Bridge Acquisitions acquired the value-add property for $57.7 million. 
 
CBRE’s Cliff Taylor and Joe Ayers represented the seller, a fund managed by New York-based DRA Advisors, in the transaction. 

“While other markets in the country have recently shown softness, rental rates in Jacksonville continue to rise, especially those in West Jacksonville,” said Mr. Taylor, a Senior Vice President at CBRE. “When the new interchange opened at Collins Road and the I-295 beltway, it led to an influx of retail services. Hence, rent growth has been incredible over the last few years in this pocket. This is the third of the five apartment communities in this submarket that our team has sold in the last 18 months.”

Built in 1990, the property features two pools with sundecks overlooking one of three lakes, and a unit mix of one, two and three-bedroom floorplans with vaulted ceilings on the top floor.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.