The Strand Apartment Building has been SOLD, SOLD, SOLD, good news for Historic San Marco

From the Florida Times-Union October 21 online:

The Strand, a 28-story apartment building on Jacksonville’s Southbank, has been sold for $53.3 million. The $181,000 per unit is close to $30,000 more than any previous apartment purchase in Jacksonville, according to Brian Moulder, who brokered the deal for CBRE.

The buyer is Crescent Heights, a Miami firm well known across the country, primarily for converting apartments to condominiums. No one from the company would talk for this story other than to say it does keep some buildings as apartments. And Moulder said his understanding is that Crescent Heights would continue to run it as apartments for the foreseeable future.

He said he was told that The Strand’s 295 units are 96 percent occupied.

Crescent Heights’ website lists 43 luxury properties, both condominiums and apartment buildings, around the country. The company is credited with starting condo conversions in South Florida in the early 1990s. Since then, it’s been the major player in conversions around the country.

“Last week, they closed a deal in San Francisco, Chicago and Jacksonville,” Moulder said. “There’s definitely a buzz about Jacksonville and around its downtown. It’s certainly one of the most significant buys in North Florida.” Prudential Network Realty is in charge of sales at The Peninsula on the Southbank, the condo tower next door to The Strand. A Prudential representative said that representatives of Crescent Heights came to see The Peninsula as they studied a possible purchase.

Earlier this month The Beacon Riverside Condo was announced, a 600 apartment unit,  planned for Riverside Avenue just south of downtown. Bryan Weber, who developed Villa Riva condominiums in Riverside 10 years ago and is working with Hallmark Partners on the planned Beacon Riverside condo tower, said a successful condo conversion of The Strand would depend on price.

“I think with The Peninsula being sold out, there’s an increasing demand for that kind of product,” Weber said. “But it’d be a whole different price point and target audience than Beacon. “They’d be looking at more of a young professional than a luxury condominium.”

Prices at Beacon Riverside are slated to start at $600,000 and go to more than $1 million.

The Peninsula opened in 2008 and the last of its 234 units sold in June. There are 13 units on the resale market, ranging from $265,000 to $1.25 million.

The Strand was originally developed by American Land Ventures as apartments, but when The Peninsula started selling well, the developer decided to make it condos as well. But before it opened in 2007, it was changed back to apartments. Moulder said he listed the building for sale this summer and had more than 20 serious groups looking to buy it.

Crescent Heights paid cash, he said.

Historic +SanMarco is coming back, this sale is huge to help push the local apartment market. If you would like to see an apartment, condo or house in +SanMarco, call me to schedule an appointment.

#LizBobeck