M1 Properties LP Acquires Canopy Creek Apartments in Jacksonville from Inman Equities for $37.75M
M1 Properties LP has acquired the 288-unit Canopy Creek Apartments in Jacksonville from Inman Equities for $37.75M.
M1 Properties LP has acquired the 288-unit Canopy Creek Apartments in Jacksonville from Inman Equities for $37.75M. The property is located at 11291 Hatrs Road and is a multifamily asset.
Canopy Creek Apartments was built in 1987 and is situated on 17.5 acres of land. The property features one, two, and three-bedroom units, with an average unit size of 1,000 square feet. The property also includes amenities such as a swimming pool, fitness center, and clubhouse.
The buyer, M1 Properties LP, is a real estate investment firm based in Miami. The seller, Inman Equities, is a real estate investment and development firm based in New York City.
The deal was brokered by Nick Meoli and Mike Donaldson of Cushman & Wakefield. Cushman & Wakefield is a global real estate services firm with offices in over 70 countries.
The sale price of 37.75M represents a per unit price of 131,076. This is in line with recent multifamily transactions in the Jacksonville market. According to Real Capital Analytics, the average per unit price for multifamily properties in Jacksonville was $131,000 in 2021.
The Jacksonville multifamily market has been strong in recent years, with steady population growth and job creation driving demand for rental housing. According to CBRE, the vacancy rate for multifamily properties in Jacksonville was 4.9% in Q3 2021, down from 5.8% in Q3 2020. The average rent for multifamily properties in Jacksonville was $1,189 per month in Q3 2021, up 9.1% from Q3 2020.
Overall, the acquisition of Canopy Creek Apartments by M1 Properties LP is a strong addition to their multifamily portfolio. With a solid location in the growing Jacksonville market and strong demand for rental housing, the property is well-positioned for long-term success.