May was supposed to see ground breaking here. I drove by this morning and there's no movement at all. Any updates?
Quote from: JBTripper on June 02, 2016, 10:20:57 AMMay was supposed to see ground breaking here. I drove by this morning and there's no movement at all. Any updates?I have no idea if this project is going forward or not, but for what it's worth, Alliance has sold off the Broadstone Beach House complex that they built in JB. I would not say that is a good sign for their commitment to the Jax area, unless they simply got an offer they couldn't refuse.
Quote from: TimmyB on June 02, 2016, 10:53:38 AMQuote from: JBTripper on June 02, 2016, 10:20:57 AMMay was supposed to see ground breaking here. I drove by this morning and there's no movement at all. Any updates?I have no idea if this project is going forward or not, but for what it's worth, Alliance has sold off the Broadstone Beach House complex that they built in JB. I would not say that is a good sign for their commitment to the Jax area, unless they simply got an offer they couldn't refuse.It may be a bad sign, but there are developers that build complexes, lease them up and immediately turn around and sell them to a REIT or whatever. It sounds like a great idea for a HGTV show come to think of it.
IIRC their plans call for two more apts in Jax. I saw the JB sale and didnt think twice about it. Certainly would have liked to see them break ground but I don't think the JB sale is of any concern at all. 5000 Town sold within a year of completion. It's actually a seller's market for apt complexes as tons of hedge funds and reits seek decent returns that they can no longer get in the stock market.
I know the District is going to happen and construction will start hopefully by the fall or the end of this year.
Quote from: ProjectMaximus on June 02, 2016, 02:36:27 PMIIRC their plans call for two more apts in Jax. I saw the JB sale and didnt think twice about it. Certainly would have liked to see them break ground but I don't think the JB sale is of any concern at all. 5000 Town sold within a year of completion. It's actually a seller's market for apt complexes as tons of hedge funds and reits seek decent returns that they can no longer get in the stock market.You are probably right. As I recall, the article about the sale mentioned the price per unit being a record amount for the Jax market at over $200K per unit. They probably realized that was too good to pass up.
The Brooklyn Riverside Apartments, a 310-unit apartment complex that was built in 2015, has been sold for $58 million, according to a broker that represented the seller.
The price per unit, the metric used by real estate professionals when comparing multifamily projects, was about $187,000. The only apartment sale to have a higher price per unit this year was the 228-unit Broadstone Beach House Apartments that sold for $203,000 or 46.3 million.