CBRE announced Nov. 23 it brokered the sale of the Westland Park apartments in Southwest Jacksonville for $57.7 million.
The 405-unit apartment community is at 6710 Collins Road near Interstate 295. It comprises a mix of one-, two- and three-bedroom units, according to a news release.
The deed was not recorded with the Duval County Clerk of Courts as of 10:30 a.m. Nov. 23.
CBRE Senior Vice President Cliff Taylor and Vice President Joe Ayers represented the seller, a fund managed by New York-based DRA Advisors, in the transaction. California-based Bridge Acquisitions is the buyer.
“While other markets in the country have recently shown softness, rental rates in Jacksonville continue to rise, especially those in West Jacksonville,” Taylor said in a news release.
“When the new interchange opened at Collins Road and the I-295 beltway, it led to an influx of retail services. Hence, rent growth has been incredible over the last few years in this pocket. This is the third of the five apartment communities in this submarket that our team has sold in the last 18 months.”
The property was built in 1990. Amenities include two pools with sundecks, a dog park, tennis courts, fitness center, clubhouse and grilling area.