CBRE announced Nov. 2 it facilitated the sale of the 263-unit Serotina Lakes Apartments in Mandarin for $23.67 million.
Stuart-based Main Street Residential Sunbeam LLC sold the apartments at 4295 Sunbeam Road to Waterbury, Connecticut-based Lyfe Mandarin One LLC according to a deed filed with the Duval County Clerk of Court on Oct. 28.
The buyer is CK Management LLC, a real estate investment and management company that focuses on owning, operating and managing real estate.
CBRE Senior Vice President Cliff Taylor and Vice President Joe Ayers represented the seller in the transaction, according to a news release.
“The property offers convenient access to the city’s major job hubs in Downtown Jacksonville, the Butler Corridor and Flagler Center,” Ayers said in a news release.
“Mandarin is a very high demand submarket with no developable sites to accommodate it, which makes Serotina Lakes a great value-add investment. The submarket has been among those most desired for residents for many years due to the high caliber and quantity of retail in the area.”
The property was built in 1987. All 263 units are one-bedroom floor plans and have been recently renovated.
Rents are $825 to $890 per month.
The community’s amenities include two pools, a fire pit, tennis court, laundry room and a dog park.
“Investor interest in North Florida multifamily properties is at a fever pitch right now,” Ayers said. “We are seeing very deep bidder pools full of highly qualified investors on all of our listings right now. Capital is flowing into the North Florida multifamily sector from not only other geographic regions but from other asset classes as well.”
Ayers said that with the exception of industrial property, “no other asset class is receiving this type of attention from capital – and where better to invest than a high-growth MSA with an economy that is projected to rebound exponentially faster than most other major markets.”