Business Brief: Baby Boomers, Millennials Behind NE Florida Apartment Boom

Jan 30, 2015

The Seagrass Apartments made its owners about a $20 million profit after just over a year, as the Jacksonville Business Journal first reported.
Credit CBRE Group

An apartment complex on the Intracoastal Waterway sold for nearly $60 million dollars yesterday, making a huge profit for the owners who bought it just a year earlier. Jacksonville Business Journal Editor John Bur says the Seagrass Apartments sale is an example of the apartment boom happening in Northeast Florida.

“You’re going to see, probably—in fact you are seeing— not just existing apartment complexes trading hands, but people are now coming into the market and building apartments,” he says.

Burr says both Baby Boomers and millennials are flocking to apartments as they downsize from larger homes or move out of their parents’ houses. And people who would have bought starter homes in past decades are opting to put their money into rent instead—perhaps because they’re wary after the 2008 housing market bust.

Burr’s entire conversation with WJCT can be heard below and will air during Morning Edition on 89.9 FM on Monday.