Category Archives: Multifamily
Stanmore Partners reportedly paid $7M to Preferred Growth Properties for about 6 acres of land near the St. Johns Town Center to construct a 306-unit apartment building. The apartments are being referred to as “Ravella at Town Center” and will include 6 buildings and a 7-level parking garage. The total cost of the development was reported at $32M.
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).
Plans and renderings for East San Marco were just flied with the city. The $41M project will include a Publix anchor, small shop space and 239 apartments above the retail on the ground floor.
Plans for Durbin Park, a mixed use development project that is slated for development on land owned by Gate Petroleum, were recently shared with the public. The 1,600 acre project is located St. Johns County, at the southwest quadrant of I-95 and Race Track Road and bordered by the new road, 9B. The plans call for retail, office, hotel and multifamily uses, as well as nearly 1,000 new homes. One of the biggest highlights, which is slated for Phase II, is a Bass Pro Shoppes. Phase I is expected to be complete by 2018, and Phase II by 2019. Gatlin Development will partner with Gate on the retail component of the project, which could account for some 600,000 square feet.
A very interesting article from a fellow blogger Andre Cuadrado of Rhenium Capital on FPC’s – For Profit Colleges – that suggests lenders have caught on and FPCs are having an impact on the CMBS debt markets.
The long awaited East San Marco project appears to be back on schedule- with construction set to begin late this summer. The project, which was first announced back in 2002, is estimated to cost about $60MM. It will feature 239 apartment units stacked on top of 46,000 SF of retail space. Publix will anchor the retail component, taking about 32,500 SF. The 4.33 acre property is located at the intersection of Atlantic Boulevard and Hendricks Avenue, in the heart of San Marco Square shopping and entertainment district. A JV between ArchCo (Atlanta based) and Bluerock (NY based) will buy the property from Regency Centers this summer, and then develop the property. Regency Centers will then purchase the retail component of the development and handle the commercial leasing and management of the project.
Konover South (Deerfield Beach) and Blue Rock Partners (Tampa) have joined forces to purchase two apartments (532 units) in Jacksonville’s Southside for $48M, or $90,226/unit. The properties included Landmark at Hampshire Place and Landmark at Sage Commons. They were 95% occupied at the time of the sale. Both will be rebranded and renovated ($3.4M).
The Commander Apts, a 16-story, 90 unit waterfront apartment building in Avondale, just sold for $5.8M to Chance Partners, a development firm based in Atlanta, GA. The deal also included some small retail shops called St. Johns Village on an adjacent parcel. The property will undergo a thorough renovation, inside and out.
Roger Bull with the Florida Times Union covered the story.
Town Center Promenade, Core Property Capital’s development across from St. Johns Town Center, will feature Northeast Florida’s first Red Robin Gourmet Burgers, as well as Aldi’s second Jacksonville location. Other retailers who will be joining them include Texas de Brazil, Piada Italian Street Food, Newk’s Eatery, Starbucks, Aspen Dental and Mattress Firm. In addition to the retail, Core plans to build 2 hotels and multifamily along the rear portion of the property.
Colliers multifamily specialists Bradley Coe and Douglas Blair recently sold the Atlantica Apartments located at 2760 Mayport Road in Atlantic Beach for $7.8M ($78k/unit). The property is comprised of 7 buildings that total 100 units. The property sold to Becovic Management Group (IN based), who had purchased land across the street back in December for a planned 156 unit luxury apartment development that will be called Ocean Blue Apartments. Construction on that project is set for April of this year.