The Kensley Apartment Homes, a 300-unit value-add apartment in West Jacksonville, has traded for $47 million. The New York-based Collins Group acquired the property, which is located at the intersection of Interstate 295 and Collins Road. The seller of was a fund managed by New York-based DRA Advisors.
CBRE's Cliff Taylor and Joe Ayers represented the seller in the transaction.
West Jacksonville is now among the strongest rent growth submarkets in the city, according to Taylor, following the opening of the new interchange at Collins Road and the I-295 Beltway when rents began to escalate rapidly.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
