JACKSONVILLE, FL—In one of the largest apartment complex sales in the metropolitan Jacksonville area this year, Olympus Property Management snapped up a two-property multifamily portfolio there for $62 million. CBRE Capital Markets represented the seller, Atlanta-based Cortland Partners.

“This market-leading transaction only confirms the sustainability of Jacksonville's improving fundamentals, and the viability of the multifamily sector here,” says Brian Moulder, senior vice president of CBRE Capital Markets, Multifamily. “Rents in Jacksonville are forecasted to increase about 3% each year for the next five years, and average occupancy should hold strong in the 92% to 93% range.”

The properties in the multifamily portfolio are Mirador at River City and Stovall at River City. Mirador is located at 13100 Broxton Bay Drive. Stovall is located at 13000 Broxton Bay Drive. The adjoining multifamily communities sit on the north side of Jacksonville near the River City Marketplace.