Atlanta-based Hathaway Development paid $2.8 million on Dec. 11 for a 16.95-acre site in West Jacksonville where it intends to develop a 312-unit multifamily project.
The 4851 Collins Road site is less than a mile from Interstate 295 and Roosevelt Boulevard. It is 3 miles from a recently completed I-295 interchange, which provides access to the beltway while avoiding the Argyle Forest and North Orange Park roadways.
According to Hathaway’s website, the company has developed, acquired or built more than 12,000 multifamily units. Its strategy is to “locate assets in markets where there is a valid supply and demand imbalance, thus creating the basis for rent growth and value enhancement,” its website says.
CBRE Senior Vice President Cliff Taylor and Vice President Joe Ayers represented the seller, Bruce N. Orr, in the transaction.
“The city has seen a high volume of in-migration and the Collins Road corridor has been a major beneficiary of this growth,” Taylor said in a news release.
“The convenience of this location has drawn a new batch of renters to the area looking to capitalize on quality of life and ease of commute, coupled with high quality retail and dining options.”