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Colliers International Northeast Florida Facilitates $10.75 Million Sale of Ortega Pines

August 10th, 2018 · Leave a Comment

Colliers International Northeast Florida recently announced the $10.75 million sale of Ortega Pines, an apartment community consisting of 152 units in the west submarket of Jacksonville.

J & M Ortega Pines, LLC sold the community, located at 4800 Ortega Farms Boulevard, to QPG Ortega Apartments, LLC. The sale netted $70,724 per unit.

Ortega Pines was constructed in 1974 and comprises 35 two-story rental buildings, a clubhouse, pool and fitness center. The unit mix includes 32 one-bedroom, 680-square-foot units; 64 two-bedroom, 880-square-foot units; and 56 three-bedroom, 1,080-square-foot units.

The community is configured on an 11-acre site with a total building area of 138,560 square feet. The community was 98 percent occupied at sale.

Bradley Coe, Douglas Blair and Morgan Williams of Colliers International Northeast Florida brokered the transaction between the parties. This transaction is the third time that Colliers International Northeast Florida’s multifamily investment services team has sold this property in four years; the first sale occurred in 2014, and the second sale was effectuated in 2016.

The sale aligns with market-wide demand for rental units across all asset classes, consistent rental rate growth and a record-low vacancy rate of 3.6 percent. Demand remains strong for B and C class multifamily properties, which appeal to investors seeking the option to implement enhancement initiatives. For more information about Colliers, visit Colliers.com.

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