According to a deed recorded Monday with the Duval County Clerk of Court, Brooklyn Riverside Apartments was sold June 13 for $58 million.
The 310-unit property was purchased by BR Riverside DST, a Delaware-based statutory trust that’s part of Bluerock Real Estate LLC, a real estate investment trust headquartered in New York City.
The apartments were developed by Pollack Shores and opened in April 2015. The multistory building is near the Fresh Market retail center, 220 Riverside apartments and Unity Plaza.
Bluerock also purchased in April the Broadstone Beach House Apartments in Jacksonville Beach for $46.5 million.
In addition, BR ArchCo ESM LLC, also part of Bluerock, intends to partner with ArchCo Residential LLC of Atlanta to construct a 239-unit multistory apartment building, which will include ground-floor retail space for a Publix Super Market at the East San Marco project about a mile south of the St. Johns River near Atlantic Boulevard.
Brian Moulder, CBRE executive vice president and one of the brokers on both apartment sales, said he thinks Bluerock’s interest in Jacksonville is indicative of the market’s strength.
“They look for all different types of investment opportunities that drive the highest returns for their investors,” he said. “To have one of the most respected New York REITs targeting Jacksonville is exciting.”
Moulder said CBRE is working with some other large investors which, like Bluerock, have identified Jacksonville as a prime market for their funds.
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