This is One of the Largest Jax MF Trades in 2014

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.”