JACKSONVILLE, FL - The Jacksonville office of Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, brokered the sale of the 23 acre Seagrass Development Site on behalf of Atlanta-headquartered TriBridge Residential, a multi-family investment, acquisitions, property management, development and construction firm.
ARA Jacksonville-based vice president, Matt Wilcox, served as lead broker on the deal, working together with ARA Orlando-based principal, Kevin Judd and ARA Tampa-based vice president, Patrick Dufour.
Located in the highly affluent area of Atlantic Boulevard and San Pablo Road, this high barrier-to-entry site represents an incredible opportunity for the buyer to develop a unique multifamily property in the affluent Beaches Submarket of Jacksonville, Florida. Seagrass is ideally situated across the street from high end retail, including a recently opened Fresh Market and less than three miles from the world renowned hospital, The Mayo Clinic, and the average household income within a one mile radius of the site is $101,093, nearly double the average household income for the city of Jacksonville.
The site is currently entitled for 399 units and available for immediate development upon site plan approval from the city of Jacksonville. It is currently cleared, pad ready and all utilities have been delivered to the site.
According to Matt Wilcox, “Seagrass is an irreplaceable, truly infill site located in the strongest submarket in the Jacksonville MSA. With high local occupancy rates, rising effective rents and no units slated for delivery in the foreseeable future, Seagrass presents its buyer with an excellent opportunity to take advantage of the tightening market in Jacksonville and be the newest product available to potential residents.”
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Marti Zenor at mzenor@ARAusa.com or 561.988.8800.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production volume of $5.5 billion in real estate transactions since 2005. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com