“New ownership at Landings at Lake Gray will benefit from both overall submarket demand and the rapid growth of quality retail along Collins Road,” says Ayers, VP at CBRE. “West Jacksonville had the second highest rent growth among all North Florida submarkets last year and is anticipated to be a leading rent-growth submarket over the next five years. Additionally, the new interchange of Interstate 295 and Collins Road is supporting a shifting retail landscape in the area, as evidenced by the recent arrival of Costco and other quality retailers.”

Apartment fundamentals in the Jacksonville MSA are solid. According to CBRE Econometric Advisors, employment gains in the market have been steady over the past few years and should continue to have a positive effect on the apartment market. Average household income in the metro is forecast to grow by 18.4% over the next five years, allowing for more affordability among renters in the region.

Last month, American Landmark Apartments announced the launch of its 2019 Multifamily Fund III with a target raise of $500 million. The fund will focus on value-add multifamily acquisitions throughout the Southeastern US. American Landmark and its equity affiliate Electra America also announced in July the final close of their 2018 Multifamily Fund II, which raised $462 million from institutional and private investors.