St. Johns County continues to be the most popular place in Northeast Florida for homebuilding.
According to monthly Northeast Florida Builders Association permit data, St. Johns is outpacing Clay, Duval and Nassau counties in home construction.
In July, 420 single-family home permits were pulled in St. Johns, compared to 401 in Duval, 62 in Clay and 47 in Nassau.
St. Johns has been leading the other three counties monthly, with a few exceptions. In May, Duval edged St. Johns 376 to 365.
St. Johns has led the region since 2011, the report shows. This year through July, it again leads with 2,759 permits. Duval has 2,242; Clay, 534; and Nassau, 500.
Before 2011, Duval led the region.
NEFBA’s data is supported by a monthly report from the St. Johns County Building Services Division, which shows that the county is seeing tremendous growth year-over-year in single-family homebuilding as well as commercial construction.
The report says that St. Johns issued 4,330 permits in July compared to 3,308 in July 2017.
Ortega Pines sold to NYC firm for $10.75M
A New York City-based real estate investment firm purchased its third Jacksonville apartment complex July 31 and is actively seeking others, citing the city’s rapid growth.
Ortega Pines, a 152-unit community near Naval Air Station Jacksonville, was sold for $10.75 million by J&M Ortega Pines LLC, to QPG Ortega Apartments LLC, a subsidiary of the NYC firm, Quad Property Group.
Jariel Bortnick, one of Quad’s founders, said he and his partner decided to invest in Jacksonville apartments because of what many others are seeing happening in the city.
“Jacksonville is firing on all cylinders,” he said, adding that people from around the country, but especially New Yorkers, are starting to recognize that Northeast Florida is the place to invest.
He pointed to projects like the Amazon fulfillment center at Cecil Commerce Center and the growth in the financial services industry, with many financial services companies from the New York region moving to Jacksonville.
“Jacksonville is in a position to bring in more industrial growth because you have the available land, the port, the interstate connection and a very talented workforce,” Bortnick said.
Quad, which Bortnick and Kashan formed two years ago, purchased two other Jacksonville apartment communities. The first was The Forest Apartment, a 113-unit complex off 103rd Street near Interstate 295, at a cost of $4.1 million, in September 2016. The second purchase was Gull Cove Apartments, a 105-unit complex on Park Avenue in Orange Park for $6.74 million in December 2017.
Ortega Pines was built in 1974 and comprises 35 two-story buildings, a clubhouse, pool and fitness center. there are 32 one-bedroom, 64 two-bedroom and 56 three-bedroom units. The community was 98 percent occupied at sale.
TriBridge developing fourth property
A developer that built three apartment complexes in Jacksonville is one step closer to constructing a fourth, called Bishop Gate.
TriBridge Residential wants to erect three multifamily buildings with 145 one-bedroom and two-bedroom units in the Riverside neighborhood while expanding the public Riverwalk along the Northbank.
The city issued three permits July 31 for the Atlanta-based company, showing an overall construction cost of $6.16 million.
Each of the three residential buildings will be five stories.
The apartments will be along both sides of Bishopgate Lane, just south of the Cummer Museum of Art & Gardens.
Portiva apartments sold for $50.7M
Portiva apartments was sold Aug. 6. to West Palm Beach-based Myers Apartment Group for $50.7 million.
The seller was Portiva Residences LLC, a subsidiary of LIV Development of Birmingham, Alabama. The firm’s president, Robert B. Crumpton, signed the deed.
The recently completed 260-unit Southpoint-area community was acquired through a $36.23 million loan using Fannie Mae’s “near stabilization execution,” which provides financing for newly constructed or recently renovated apartment communities expected to achieve stabilized occupancy within 120 days of closing, according to a news release.
Portiva is at AC Skinner Parkway and Salisbury Road off Butler Boulevard.