CBRE Arranges Purchase of Multifamily Land Site to Develop Phase II of Integra Park at Oakleaf in Orange Park, Fla.
10 May 2022
CBRE has arranged the purchase of a 17.5-acre multifamily development site at Amberly Drive and Royal Pines Drive in Orange Park, Fla. Integra Land Company purchased the property from Armstrong Development for $3.14 million.
The transaction is the second phase for Integra Land Company’s Integra Park at Oakleaf, a multifamily property that is currently under construction and will total 500-units when completed. Construction on the property and the initial 249-units began in 2020 during phase I following Integra Land Company’s purchase of a 16.55-acre site at Royal Pines Drive for $3.11 million from Armstrong Development in August 2020, with the final 251-units to be completed in 2023.
“We are excited to see Integra move forward with the second phase of what has been an incredibly successful project,” said CBRE’s Cliff Taylor. “The Jacksonville MSA continues to perform at an incredibly high level as it relates to multifamily assets. The continued in-migration and job growth are fueling massive demand for multifamily units across the city.”
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.