An affiliate of Resource Real Estate has picked up a Jacksonville multifamily community in a $28.3 million transaction. The property, Bay Club Apartments, features 220 units and is located at 9009 Western Lake Drive. Community amenities include a resort-style pool area with sundeck, clubhouse, picnic area with barbecue grills, playground and tennis court. Each unit includes a private garage as well as its own private patio or balcony. CBRE arranged the sale on behalf of the seller, The Milestone Group who bought the asset in 2012 for $18.9 million. The purchase was completed with a $21.5 million, provided by CBRE Capital Markets, which is scheduled to mature in August 2024.
“Bay Club was a highly sought-after investment due in large part to the property’s upside potential and its location within Jacksonville,” said CBRE’s Vice Chairman Shelton Granade. “It was a very competitive bidding process, which speaks to the very high demand for value-add opportunities and to the rising appeal of the Jacksonville market.”
