X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

JACKSONVILLE, FL-Belle Rive Club Apartments, a 13-year-old, 104-unit community on Belle Rive Boulevard here, is under new ownership. Private investor Eric H. Coe paid Belle Rive General Partners Inc. $5 million or $48,077 per unit ($59.41 per sf) for the 104-unit, Southside Jacksonville property.

The apartments consist of 62 one-bedroom, one-bath units and 40 two-bedroom, two-bath units. The average living area is 809 sf per unit. Average monthly rents are $640. Mark D. Smith of Orlando-based Smith Equities Corp. brokered the transaction.

The sale comes as the apartment conversion-to-condo market heats up in Orlando, area brokers tell GlobeSt.com. “All the driving forces are in place and interest in condominium conversion projects is high right now,” says Jay Ballard, an associate in the Orlando office of Cushman & Wakefield’s Apartment Group division.

Ballard says, “Downtown Orlando is re-emerging as a desirable place to live. As values rise, more and more developers are looking to convert rental apartment communities into condominiums that can sell from the $100s to the $300s.”

The broker adds, “Historically, Orlando has not accommodated significant condominium development. But that’s changing as developers line up to build high-rise projects with high-rise price tags–more than $1 million per unit, in some cases.”

Ballard notes there were only 437 condo units built Downtown from 1975 to 2001. Now there are more than 1,000 units planned or under development. “Developers are eyeing twice that many apartments for potential conversion,” the broker says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.