New Downtown Living: Broadstone River House Apartments

[TimmyB]

May 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.

[FlaBoy]

May was supposed to see ground breaking here. I drove by this morning and there's no movement at all. Any updates?

 

[vicupstate]

May 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. 

[TimmyB]

May 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.

Yes, I agree with that.  I don't see this as Alliance's track record, for the most part.  They seem to be in it for the long-haul, but again, they may have gotten an unbelievable number and felt they had to sell.

[ProjectMaximus]

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.

[TimmyB]

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.

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.

[DrQue]

Alliance held the complex for 7 years, navigated a downturn, and sold the asset for $202,000/unit. More likely than not this will keep them interested in Jacksonville given their market knowledge and success. 

[thelakelander]

May was supposed to see ground breaking here. I drove by this morning and there's no movement at all. Any updates?

Was just told less than a hour ago by a pretty good source that they are in the process of getting their permits now. Was told construction will start this summer.

[JBTripper]

That's good news! Would love to see something that is planned and announced for the Southbank/San Marco actually, you know, start happening. Fingers crossed on The District and East San Marco...

[thelakelander]

^This and the Baptist/MD Anderson project are two that are definitely on the verge of breaking ground.  I'd consider both of them "givens" at this point. 

[FlaBoy]

I know the District is going to happen and construction will start hopefully by the fall or the end of this year.

[ProjectMaximus]

I know the District is going to happen and construction will start hopefully by the fall or the end of this year.

Can you share a clue or hint as to how you know it is going to happen?

[ProjectMaximus]

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.

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.

Someone shared this in another thread but this offers a tangible explanation:

http://www.bizjournals.com/jacksonville/news/2016/06/14/the-brooklyn-riverside-sells-for-58-million.html

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.

Sounds like an offer that was indeed too good to refuse.

[acme54321]

Drove by last night and noticed that the row of trees between this site and the DCSB building had been removed.  Couldnt tell if anymore site work had been done or not though because it was really dark.

[thelakelander]

Construction is underway at this site. Land clearing was taking place earlier today.