The Sale of “The Strand” Breaks Record

The 28-story, 295-unit Strand apartment tower, located on the Southbank recently traded for $64.6M, or, $219K per unit- a new record for local apartment/multifamily sales. The waterfront, luxury tower was built in 2007, and is the only high rise tower to be built in Jacksonville in recent years (most of the new apartment construction has been low to mid rise or “garden” style). The Stand was purchased by an investment firm based in Winter Park, FL. Other recent and notable sales included the sale of the Broadstone Beach House ($46M; $203K/unit) and Brooklyn Riverside ($58M; $187K/unit).

Derek Gilliam with the Jacksonville Business Journal covered the story.

About Ernie Saltmarsh

Ernie works for Colliers International in the Northeast Florida Investment Services Group. The team includes Robert Selton, Scott Rogers, Ernie Saltmarsh and Adrienne Miller. Ernie works with buyers who are looking to invest in commercial real estate and sellers who are looking to dispose of investment assets. Ernie's background in research, marketing and finance provide the vital skills necessary to serve his clients.

Posted on July 14, 2016, in Downtown, JAX Business Journal, Market Reports/Statistics, Multifamily, Residential, Uncategorized and tagged , . Bookmark the permalink. Leave a comment.

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