Chicago-based Inland Actual Property Funding Corp. paid $83.25 million Sept. 11 for the 350-unit JTB Flats at 8876 AC Skinner Parkway close to the Deerwood Workplace Park and St. Johns City Middle.
JTB Flats offered for $237,857 per unit, a report within the Jacksonville space. The earlier report of $228,448 per unit was set by the sale of the 348-unit The Elysian, previously the Sentosa Beachwalk, within the Beachwalk group in St. Johns County.
Each communities have been in-built 2019.
Brian Moulder and Dhaval Patel, multifamily sector specialists with Walker & Dunlop in Jacksonville, brokered the sale. Moulder and Patel additionally brokered the sale of The Elysian and the 306-unit Ravella at City Middle that offered Dec. 3 for $221,421 per unit.
The common value per-unit condominium sale in Northeast Florida in 2019 was $104,000. It elevated to $152,750 within the first six months of 2020 attributable to fewer transactions and the sale of largely Class A properties, in keeping with a Colliers Worldwide Northeast Florida studies.
Inland was interested in the JTB Flats as a result of “it had one of many strongest lease-ups out there. It’s bought nice rental historical past, the situation, the product sort and its the one five-story product out there,” Moulder mentioned.
The JTB occupancy fee is 93%, concerning the norm within the Jacksonville market, he mentioned. The common family earnings is $109,000 and the efficient hire is $1,561 together with 5.4% hire progress as of June.
“The wholesome nature of Jacksonville continues as we transfer by way of this pandemic and it’s on the upward swing,” Moulder mentioned.
Walker & Dunlop brokered condominium gross sales of $1.2 billion final yr in Jacksonville and represents one other $400 million on the market out there.
“I believe you’ll proceed to see buyers placing cash into multifamily all through the rest of the yr and much more so in 2021,” he mentioned.
Dallas-based Presidium Group LLC, an actual property growth, funding and administration firm, offered JTB Flats by way of JTB-AC Skinner LLC.
Presidium and Jacksonville-based Killashee Investments and Schmidt Improvement developed the mission.
The consortium paid $8.35 million for the 13.28-acre property close to Southside and Butler boulevards in October 2017.
JTB acquired the Silver Award from Southeast Constructing Convention’s 2020 Aurora Awards Design Competitors for the Greatest Multifamily Housing Complicated.
The group options 4 five-story buildings with elevators and 7 carriage buildings with garages. JTB presents 40-studio; 111 one-bedroom; 159 two-bedroom; and 40 three-bedroom items amongst 10 ground plans starting from 640 sq. toes to 1,454 sq. toes.
Interiors embody upscale finishes, 9-foot ceilings, quartz counter tops, washers and dryers and chrome steel home equipment. Group facilities characteristic an 11,000-square-foot clubhouse with an illustration kitchen, TV lounge, cybercafé lounge, interactive recreation room, hearth, bar, health club, health studio and a rooftop terrace lounge.
Different facilities embody a resort-style pool, lap pool, outside bar and patio, bocce ball court docket, bark park, pet salon, strolling path, gated entry, indoor mail station, automobile wash and storage. It additionally presents cabanas, hearth pits, grills, electrical automobile charging stations and storage items for hire.
Atlanta-based Dwell Design Studios was the architect and Jacksonville companies Connelly & Wicker Inc. was the civil engineer and LandSouth Development LLC was the final contractor.
JTB was Presidium’s entry into the Jacksonville market. Presidium has a multifamily portfolio of greater than 13,000 items mixed with different industrial actual property of greater than 80 properties comprising about $2 billion in property underneath administration.
Inland, established in 1968, is a industrial actual property funding agency with about 620 properties throughout the U.S. The corporate and its associates additionally personal the Magnolia Village Flats alongside Atlantic Boulevard within the Spring Glen space, the Cypress Pointe Flats in Orange Park, and retail properties in Jacksonville.