The Brooklyn Riverside sells for $58 million

[camarocane]

The Brooklyn Riverside Apartments, a 310-unit apartment complex that was built in 2015, has been sold for $58 million, according to a broker that represented the seller.

Brian Moulder and Dhaval Patel, both executive vice presidents with CBRE Inc., represented Atlanta-developer Pollack Shores. Pollack Shores was the original developer of the property.

The Brooklyn Riverside opened in April 2015 and was able to stabilize with more than 90 percent of the units leased.

Moulder said that the buyer was a institutional real estate investment trust from New York.

"This sale solidifies the resurgence of the Brooklyn neighborhood," Moulder said. "It's exciting news for the city of Jacksonville. It speaks to the high level of interest from institutional capital in the region."
     
The recently closed sale has not been recorded with the Duval County Property Appraiser, but the Jacksonville Business Journal will update this story when the information becomes available.

The price per unit, the metric used by real estate professionals when comparing multifamily projects, was about $187,000. The only apartment sale to have a higher price per unit this year was the 228-unit Broadstone Beach House Apartments that sold for $203,000 or 46.3 million. Moulder and Patel also represented the seller in that transaction. The buyer of that property was the New-York-based real estate investment trust Blue Rock Real Estate LLC.

Jacksonville's Brooklyn area has been a hot bed of development another. The 220 Riverside, a 294-unit apartment complex, has also reached a lease rate greater than 90 percent since it opened in May 2015. Another about 190-unit apartment complex is being developed next to 220 Riverside and is near the final stages of design approval with city officials.

A Fresh Market-anchored shopping center operated by Regency Centers has also been developed and the mixed-use 220 Riverside development has become a bastion for restaurants looking to break into Jacksonville.

http://www.bizjournals.com/jacksonville/news/2016/06/14/the-brooklyn-riverside-sells-for-58-million.html


Does anyone have information on the development next to 220? Renderings or timeline? A while ago there was talk of 200 Riverside but I was under the impression that was place on an indefinite hold.

[Kerry]

It is 200 Riverside.  No idea about a timeline though but maybe there is already a thread on it.

On a related note - MJ admins, can this thread be moved to the Brooklyn page?

[thelakelander]

Does anyone have information on the development next to 220? Renderings or timeline? A while ago there was talk of 200 Riverside but I was under the impression that was place on an indefinite hold.

Beacon Riverside is the project on indefinite hold. As for 200 Riverside, here you go. last project on the page:

http://www.moderncities.com/article/2016-jun-urban-jax-development-project-construction-list/page/3

[JaxAvondale]

The Brooklyn Riverside Apartments, a 310-unit apartment complex that was built in 2015, has been sold for $58 million, according to a broker that represented the seller.

Brian Moulder and Dhaval Patel, both executive vice presidents with CBRE Inc., represented Atlanta-developer Pollack Shores. Pollack Shores was the original developer of the property.

The Brooklyn Riverside opened in April 2015 and was able to stabilize with more than 90 percent of the units leased.

Moulder said that the buyer was a institutional real estate investment trust from New York.

"This sale solidifies the resurgence of the Brooklyn neighborhood," Moulder said. "It's exciting news for the city of Jacksonville. It speaks to the high level of interest from institutional capital in the region."
     
The recently closed sale has not been recorded with the Duval County Property Appraiser, but the Jacksonville Business Journal will update this story when the information becomes available.

The price per unit, the metric used by real estate professionals when comparing multifamily projects, was about $187,000. The only apartment sale to have a higher price per unit this year was the 228-unit Broadstone Beach House Apartments that sold for $203,000 or 46.3 million. Moulder and Patel also represented the seller in that transaction. The buyer of that property was the New-York-based real estate investment trust Blue Rock Real Estate LLC.

Jacksonville's Brooklyn area has been a hot bed of development another. The 220 Riverside, a 294-unit apartment complex, has also reached a lease rate greater than 90 percent since it opened in May 2015. Another about 190-unit apartment complex is being developed next to 220 Riverside and is near the final stages of design approval with city officials.

A Fresh Market-anchored shopping center operated by Regency Centers has also been developed and the mixed-use 220 Riverside development has become a bastion for restaurants looking to break into Jacksonville.

http://www.bizjournals.com/jacksonville/news/2016/06/14/the-brooklyn-riverside-sells-for-58-million.html


Does anyone have information on the development next to 220? Renderings or timeline? A while ago there was talk of 200 Riverside but I was under the impression that was place on an indefinite hold.

Here is the link to some additional renderings.

http://www.metrojacksonville.com/article/2016-feb-brooklyns-latest-project-200-riverside