Atlanta-Based Buyer Purchases Two Multifamily Properties in Jacksonville, $22.25 Million Sale Arranged by CBRE

CBRE has facilitated the sale of two multifamily properties totaling 134 units in Jacksonville, Fla. The properties sold to Atlanta-based Sureste Property Group for $22.25 million.

Cliff Taylor, Joe Ayers and Ryan Hixon with CBRE represented the seller, Michigan-based Greyson Capital Group, in the transaction.

“We were excited to work with Sureste Property Group on their first acquisition in the Jacksonville MSA. Greyson Capital Group did a tremendous job repositioning both properties and we look forward to seeing Sureste implement additional improvements at the properties,” said CBRE’s Joe Ayers.

Built in 1971, Kings Tree Apartments is a nine-building, 64-unit property with one-, two-, and three-bedroom units averaging 945 square feet. It is located at 1800 Kingsley Avenue in Orange Park, Fla., directly across the street from Orange Park Medical Center.

Built in 1973, Park Place Apartments is a five-building, 70-unit property with one- and two-bedroom units averaging 857 square feet. It is located at 401 Loring Avenue in Orange Park, Fla.

The seller completed several capital improvements, including work to the roofs, exterior painting, and upgrades to the unit interiors.

About Sureste Property Group

Real Estate Operations: Sureste Properties Group LLC is based in Atlanta and is a vertically integrated company focused on serving the housing needs of middle-income renters, which has traditionally been an underserved class in this market. Sureste acquires and develops both new build for rent (BFR) as well as renovating distressed or opportunistic, dated multifamily properties, value add (VA). Sureste Property Group currently has over 4,000 units in 7 major submarkets in the southeast.

Capital Markets: Sureste Capital Group (SC) is based in Miami and operates as an alternative asset manager with over $500 million AUM.  SCG will invest in mezzanine loans, and as a co GP, and will also acquire bank notes and distressed assets. SCG also operates as an asset manager, focusing on improving NOI and value in the Sureste properties, while growing the portfolio through off market acquisitions and distressed opportunistic buys.

www.surestecap.com