Downtown Jacksonville apartment tower sold for $53.3 million

[thelakelander]

The Strand has been sold for $53.3 million to a Miami condominium developer called Crescent Heights...

http://www.bizjournals.com/jacksonville/news/2013/10/21/downtown-apartment-tower-sold-for.html

[simms3]

^^^Some info:

Top 3 Jacksonville Housing Sales

#3



#2



#1



For comparison - an apartment I lived in Atlanta as a junior in college, sold last year - similar "Type III" infill construction development as 220 Riverside



For comparison - the apartment complex I live in now, this is an example of why folks moving from Jax/the South might have sticker shock in NYC, SF, or Boston




Information compiled from news, internal data subscriptions, and rental sites.[/u]

[simms3]

The Strand has been sold for $53.3 million to a Miami condominium developer called Crescent Heights...

http://www.bizjournals.com/jacksonville/news/2013/10/21/downtown-apartment-tower-sold-for.html

Crescent Heights is very active in Atlanta, Chicago, LA, Miami, and San Francisco - very familiar with a lot of their deals.  They have probably 5-7 towers in Atlanta (rental conversions, condo conversions, condos, and rentals), including the 2nd tower in a 2-tower condo development I lived in last year called Mayfair.  And they are in super active development mode in SF with 3 towers UC right now and more planned, all rentals.  Their latest tower in SF is 100% union funded (debt) and 100% union contract/sub-contract work because there are some in senior mgmt at Crescent Heights who are very very pro-union (apparently, according to some news article I read a while back).

All in all very reputable, big-name group (well especially big-name in the past 2-3 years).

[river4340]

Crescent Heights has been a big name for a long time. A lot more detail here:

http://jacksonville.com/business/2013-10-21/story/sale-strand-fetches-record-price-apartment

[mtraininjax]

Sold for CASH!!!!!!!!

Lots of cash on the sidelines getting ready to re-enter the market. I have people from Miami coming with a 20 million war chest to buy more real estate here, because it is still so inexpensive compared to other areas around Florida.