JBM® Exclusively Lists $168.5MM, 3 Property Florida Multifamily Portfolio for Inland Real Estate Group
NAPLES, Fla., July 24, 2023 /PRNewswire/ -- JBM® Institutional Multifamily Advisors has exclusively listed 3 Florida multifamily properties for The Inland Real Estate Group of Companies, Inc. – one of the nation's largest commercial real estate companies. The portfolio is comprised of 741 units and is priced at $168,500,000. Buyers will have the option to buy as a portfolio or individually. Each property offers tremendous, proven, value-add potential.
Rivertree
Located in Riverview, FL (Tampa MSA), Rivertree is a 2004 vintage, 14.44-acre, garden-style community with 12, two-story residential buildings and 251 units. This well-located, core-plus asset offers tremendous value-add potential as upgraded units already achieve $100+ in rent premiums and a value-add program is projected to yield an additional $227 per unit per month. Units feature direct access garages and private, ground floor entries. Average market rent at the Property is $1,831/month and average unit size is 953 SF.
Brantley Pines
This 29.11-acre, 296-unit property is located in Fort Myers, FL and was built in 2 phases (1988/1997). 46% of the Property has been updated and is achieving an $85-$115 rent premium. The Property features a low-density site plan with 10.17 units per acre. Phase 2 units feature 9' and vaulted ceilings as well as French doors leading to patios. Unique amenities include a resort-style pool, lakeside deck, fenced-in dog park, and brand new pickleball courts. Average market rent at the Property is $1,799/month and average unit size is 908 SF. A comprehensive value-add program is projected to yield an additional $207 per unit per month.
Cypress Pointe
Built in 2007, Cypress Pointe is 18.96-acres and is made up of 8, 3-story buildings with 194 units. Located in Orange Park, FL (Jacksonville MSA), Cypress Pointe has excellent connectivity to S.R. 21 which connects to I-295 (the beltway around central Jacksonville). Featuring the largest average unit size among its rent comparable set at 1,176 SF, the Property maintains a low-density site plan of just 10.23 units per acre. With upgraded units achieving $85-$100 per month, a value-add renovation program would be expected to yield an additional $298 per unit per month. Notable features include detached garages, resort-style pool, fenced-in dog park, and more. Average market rent at the Property is $1,503/month.
About JBM®
JBM® is the #1 ranked boutique brokerage firm in the U.S.A. Despite only transacting in Florida, for the second consecutive year Green Street ranks JBM® #1 for Highest Average Sold Price in the U.S.A. and the #13 multifamily broker by total sales volume. JBM® has a lifetime transactions volume over $18.7 billion and 168,000 units.
SOURCE JBM Institutional Multifamily Advisors
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