Source: Atlas Real Estate Partners / #Apartments #Multifamily
JACKSONVILLE, FL - New York-based Atlas Real Estate Partners has acquired Pier 5350, a 400-unit garden-style apartment community located in Jacksonville, FL. The Property is located on the St. John’s River with sweeping views of Downtown Jacksonville.
Atlas intends to implement a significant value-add renovation program. “We’re very excited about unlocking what we think is some incredible potential in the property. Pier 5350 perfectly fits our investment strategy of acquiring class B apartment communities at a significant discount to replacement cost that can be repositioned to create additional value” said Arvind Chary, Managing Partner at Atlas.
“We’ve engaged a great team and we’re excited to execute our value-add strategy,” said Bill McConaghy, Atlas’s Florida VP. “We believe there are numerous opportunities to create value and improve operations. Our business plan is to take care of all deferred maintenance, upgrade the amenities, renovate unit interiors, and make cosmetic enhancements, with the goal of offering residents a newly renovated property, with incredible access to Downtown, at a value price point.”
“Downtown Jacksonville is going through a revitalization and beginning to attract young professionals seeking a live/work/play environment,” said Alex Foster Managing Partner at Atlas. “The location, community focus, high-quality amenities, and newly renovated interiors will make Pier 5350 attractive to lifestyle focused residents seeking a great value.”
This is Atlas’ first multifamily acquisition in Jacksonville, and fifth in Florida, where they now own over 1,500 units. Atlas is looking to grow its Florida platform significantly over the next few years.
The acquisition was financed with a 12-year fixed-rate Freddie Mac loan originated by Mitch Sinberg and Matt Robbins of Berkadia Commercial Mortgage.