CBRE EXECUTES 22 MILLION SALE OF 200 UNIT MULTIFAMILY ASSET IN JACKSONVILLE FL

31 Jul 2020

Hunters Way 002 final

Jacksonville, Fla. – July 31, 2020 – CBRE announced today it has closed the $22.8 million sale of Hunters Way, a 200-unit apartment community centrally located in the Mandarin area of Jacksonville, Florida. Located at 10101 Arrowhead Drive, the property was acquired by Maryland Management Company. CBRE’s Joe Ayers and Cliff Taylor represented the buyer in the transaction.

“Hunters Way represents an incredible value-add opportunity for the buyer in the Mandarin suburb of Jacksonville, one of the city’s most sought after neighborhoods,” said Cliff Taylor. “This submarket has been an incredibly stable suburb for the last 30 years, with high-income demographics due to the way the San Jose Boulevard corridor hugs the St. Johns River. Also, it is rare to find untouched value-add opportunities such as Hunter’s Way this late in the cycle. The property is largely untouched and primed for meaningful interior upgrades as residents flock to the area in order to be proximate to Whole Foods, Trader Joe’s and nearly every major soft goods retailer in existence.”

The property is minutes from Interstate 295, Orange Park, The Avenues Mall, and an array of local dining, shopping, and entertainment venues. Amenities include two swimming pools, a fitness center, a laundry care center, picnic areas, playgrounds, and a barbecue area.

Jacksonville’s fundaments and resilience in the labor market keep local investment activity strong. Its well-rounded employment base, and lesser reliance on tourism, helps position the market positively against recession trends that affect discretionary spending. The latest data from the Bureau of Labor Statistics (BLS) shows that in July year-over-year total nonfarm employment has fallen just 4.3%, the smallest decrease among major markets in the Southeast with total employment of over 500,000 persons.

 

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.