New York-based The Collins Group purchased The Kensley Apartment Homes in West Jacksonville for $47 million Oct. 15.
CBRE Senior Vice President Cliff Taylor and Vice President Joe Ayers facilitated the sale of the 300-unit complex at 6371 Collins Road, according to a news release.
The site is near Interstate 295 and retail centers.
The official deed was not recorded on the Duval County Clerk of Courts website as of the morning of Oct. 19.
Taylor and Ayers represented the seller, New York City-based DRA Advisors, in the transaction.
The combination of rent growth and The Kensley’s original interiors made the property attractive to investors, Taylor said in the release.
“The Kensley Apartment Homes represents an incredible value-add opportunity in perhaps the strongest rent growth submarket in Jacksonville,” Taylor said in the release.
“When the new interchange opened at Collins Road and the I-295 beltway, rents began to escalate rapidly. The creation of a new access point, followed by new retail services like Costco, served to create a dynamic rental pocket where residents want to live.”
The Kensley was built in 2004 and offers studios, one-, two- and three-bedroom apartments. Amenities include a swimming pool, sun deck, dog park, fitness center, clubhouse and coffee bar.