Vista Brooklyn sets new Jacksonville record selling for $409k per unit
QuoteAn affiliate of Bristol Development Group and Hallmark Partners announced the sale of Vista Brooklyn on Monday for $126.3 million.
The Buyer was CS 1031 Vista Brooklyn Apartments DST, an affiliate of Capital Square. The sale marked the highest price ever paid for an apartment building in Jacksonville, according to Hallmark Partners.
Vista Brooklyn, located at 200 Riverside Ave., opened in 2021. The 10-story apartment building contains 308 units, which means the sale comes out to more than $409,000 per unit. The apartments floor plans range from studio to three-bedroom, and the building also has 12,687 square feet of ground floor commercial/retail.
https://www.bizjournals.com/jacksonville/news/2022/01/10/bristol-development-and-hallmark-partners.html
^ This helps make my point in previous posts that we should be at a level for urban living units where major subsidies for developers should no longer be automatic.
This should also help get a number of the "proposed" projects off the ground that have been stagnant for years. Kings Avenue, The District, the Springfield projects.... If the developers can cash out at this pricepoint before the projects are even stabilized, or refinance at the crazy valuation to pull cash out or receive huge amounts of equity, this will really help the proforma and financing hurdles.
I realize this is a brand new building, but that is an impressive per unit number. Surprising but good news.
Were public incentives provided for this particular development?
Quote from: thelakelander on January 12, 2022, 04:44:37 PM
Were public incentives provided for this particular development?
Two REV grants.
$9 million originally over 20 years.
And then they went back post-construction and got an additional $1.6 million REV grant from the DIA to mitigate their inability to fill the retail space (they've since moved their offices into the space).
Quote from: Ken_FSU on January 12, 2022, 05:26:24 PM
Quote from: thelakelander on January 12, 2022, 04:44:37 PM
Were public incentives provided for this particular development?
Two REV grants.
Do those incentives pass to the new owner?
$9 million originally over 20 years.
And then they went back post-construction and got an additional $1.6 million REV grant from the DIA to mitigate their inability to fill the retail space (they've since moved their offices into the space).