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Jax Daily Record Thursday, Jul. 1, 202112:56 PM EST

Pinebrook Apartments in San Jose sell for $26.1 million

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Palm Beach-based Bella Property LLC bought the 208-unit property built in 1974.
by: Katie Garwood Staff Writer

The 208-unit Pinebrook Apartments in San Jose sold for $26.1 million to Palm Beach-based Bella Property LLC, CBRE announced July 1.

CBRE brokers Cliff Taylor and Joe Ayers represented the seller, Atlantic Beach-based Pinebrook CE Partners LLC. 

“The desirability of the Jacksonville market in the minds of multifamily investors from across the country cannot be overstated,” Taylor said in the release.

“Investors are anxious to be a part of what is projected to be unprecedented growth and asset appreciation in the state over the next decade.”

The apartments at 7500 Powers Ave., built in 1974, last sold for $16 million in 2019.

“The property has had significant improvements completed over the last 18 months that have heightened the desirability of the property for prospective tenants that included both exterior enhancements as well as high-level interior renovations to select units,” Taylor said in the release.

The per-unit price was $125,481, one of the highest for a 1970s-built complex in Jacksonville, he said.

The community offers a pool, playground, dog park, laundry facilities, business center, grilling area and clubhouse. 

There are one-, two- and three-bedroom units that include faux-hardwood floors, vaulted ceilings and private balconies. 

 

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