Crescent Heights Acquires The Strand in Record-Breaking Jacksonville, Fla., Sale
- Oct 23, 2013
By Joshua Ayers, Senior Editor
Jacksonville, Fla.—The CBRE Jacksonville Multi-housing Group has brokered the sale of The Strand, a 295-unit waterfront high-rise apartment building in Jacksonville’s Southbank District to Miami-based Crescent Heights for a record breaking $53.3 million.
Brian Moulder, senior vice president with CBRE’s Multi-Housing team and CBRE Senior Associate Dhaval Patel represented the undisclosed seller in the transaction.
“We believe this is the most impactful multifamily transaction to Northeast Florida, specifically Jacksonville, in the past decade,” Moulder says. “The bidding for The Strand was an extremely competitive process, and ultimately Crescent Heights prevailed. Several new developments in the urban core have helped to jump-start downtown Jacksonville’s ‘renaissance’ and this record-breaking sale only confirms the sustainability of Jacksonville’s improving fundamentals.”
Jacksonville’s The Florida Times Union reported Tuesday that the sale represented about an $181,000-per unit close, which is about $30,000 more per-unit than any apartment building that has been sold in the Jacksonville area.
The acquisition of The Strand is the first in the Jacksonville market for Crescent Heights, which owns properties nationwide and specializes in condo conversions, and it follows a trend of other companies that are entering the market for the first time. According to CBRE, a majority of CBRE’s multifamily sales this year have been to groups that are new to the Jacksonville area.
The Strand, which is located at 1401 Riverplace Boulevard in Jacksonville, features top-of-the-line amenities such as a resort style sundeck with pool and spa, fitness center, clubroom, business center and library with coffee and tea bar, as well as exceptional skyline and river views.
Residences in the 29-story apartment tower boast 9-foot ceilings, contemporary tiling in the foyer, kitchen and bathroom areas, full-sized washer and dryer in most units, operable tinted glass windows, built-in microwave and self-cleaning electric range.
In addition to its panoramic views of the Jacksonville area, the 29-story community is located near retail shops, offices, entertainment and green-space venues, as well as several major employers.