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.”