Cushman & Wakefield arranges $37.75 million sale of Canopy Creek multifamily property in Jacksonville

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Canopy Creek
Cushman & Wakefield arranged the sale of Canopy Creek, a 288-unit multifamily community in Jacksonville, Florida.

Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of Canopy Creek, a 288-unit multifamily community located at 11291 Harts Rd. The final transaction price was $37.75 million, equating to more than $132 per square foot.

Nick Meoli and Mike Donaldson of Cushman & Wakefield represented both the seller and buyer in the transaction. The property was sold by INMAN Equities and acquired by M1 Properties, LP.

“Canopy Creek is located on the north end of Jacksonville, which is seeing significant job growth in the industrial and manufacturing sectors,” said Meoli, Executive Managing Director at Cushman & Wakefield. “Nearly all of the units at Canopy Creek were in classic condition which represented an excellent value-add opportunity for the buyer.”

Canopy Creek spans 285,500 square feet and has the second largest floor plans in the submarket with one, two- and three-bedroom units averaging 1,000 rentable square feet. Amenities include a clubhouse equipped with a business center, a gym, two swimming pools with sundecks, on-site laundry and Broward river views.

The property is centrally located in North Jacksonville near major industrial and manufacturing employers, the Jacksonville International Airport, the Port of Jacksonville and the Port of Jacksonville Cruise Terminal.

“Jacksonville continues to thrive as one of the top rent growth markets in Florida,” added Donaldson. “The New York-based buyer was eager to take advantage of the growth and population influx that continues to be experienced in the area.”