JACKSONVILLE, FL—At record-breaking pricing, the sale of The Strand is illustrating Jacksonville's emerging status as a target market for institutional investors seeking higher returns outside gateway cities. The class A waterfront high-rise multifamily building sold for $53.3 million.

The CBRE Jacksonville Multi-Housing Group arranged the sale of the 295-unit apartment tower at 1401 Riverplace Boulevard. Miami-based Crescent Heights acquired the multifamily asset. CBRE's Brian Moulder and Dhaval Patel represented the seller.

“We believe this is the most impactful multifamily transaction to Northeast Florida, specifically Jacksonville, in the past decade,” says Moulder, senior vice president with CBRE's Multi-Housing team. “The bidding for The Strand was an extremely competitive process, and ultimately Crescent Heights prevailed. Several new developments in the urban core have helped to jumpstart Downtown Jacksonville's 'renaissance' and this record-breaking sale only confirms the sustainability of Jacksonville's improving fundamentals.”

Jacksonville's multifamily market has surged in recent years with a number of projects under construction around the St. Johns Town Center and Riverside. Improving fundamentals and increased job growth are attracting new capital to Jacksonville, including Crescent—a prominent national player that hasn't previously owned in the market.  In fact, groups new to the market account for the majority of multifamily properties CBRE has sold in Jacksonville this year.

Built in 2007, The Strand is the only contemporary high-rise multifamily building in Downtown Jacksonville. The building is located on the bend of the St. Johns River and offers nearly-360 degree water views. Local amenities include retail shops, offices, entertainment and green spaces. The Strand is within walking distance to several major employers and next to a Skyway station leading across the river to Downtown Jacksonville.