263-Unit Serotina Lakes Apartments Trades Hands for $23.67 Million, CBRE Represents Seller
02 Nov 2020
CBRE has arranged the sale of Serotina Lakes Apartments, a 263-unit multifamily property located east of the San Jose Boulevard commercial corridor in the Mandarin submarket of Jacksonville. Lyfe Properties Group acquired the asset for $23.67 million.
CBRE’s Cliff Taylor and Joe Ayers represented the seller, Florida-based Main Street Residential, in the transaction.
“The property offers convenient access to the city’s major job hubs in Downtown Jacksonville, the Butler Corridor and Flagler Center,” said Mr. Ayers, a Vice President at CBRE. “Mandarin is a very high demand submarket with no developable sites to accommodate it, which makes Serotina Lakes a great value-add investment. The submarket has been among those most desired for residents for many years due to the high caliber and quantity of retail in the area. Jacksonville’s first Whole Foods was in Mandarin and the area is home to Trader Joe’s too, as well as every major soft goods retailer. The quality of life is among the best in the city.”
Built in 1987, the property has recently undergone renovations that have been well-received. Property amenities include two pools, a fire pit, a tennis court, and a dog park. All 263 units feature a single one-bedroom floor plan.
“Investor interest in North Florida multifamily properties is at a fever pitch right now,” said Mr. Ayers. “We are seeing very deep bidder pools full of highly-qualified investors on all of our listings right now. Capital is flowing into the North Florida multifamily sector from not only other geographic regions but from other asset classes as well. With the exception of industrial property assets, no other asset class is receiving this type of attention from capital – and where better to invest than a high-growth MSA with an economy that is projected to rebound exponentially faster than most other major markets.”
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.