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 Brooklyn Riverside opened in April 2015 and was able to stabilize with more than 90 percent of the units leased.
Moulder said that the buyer was a institutional real estate investment trust from New York.
“This sale solidifies the resurgence of the Brooklyn neighborhood,” Moulder said. “It’s exciting news for the city of Jacksonville. It speaks to the high level of interest from institutional capital in the region.”
The recently closed sale has not been recorded with the Duval County Property Appraiser, but the Jacksonville Business Journal will update this story when the information becomes available.
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. Moulder and Patel also represented the seller in that transaction. The buyer of that property was the New-York-based real estate investment trust Blue Rock Real Estate LLC.