Pier 5350, a 400-unit multifamily property along the St. Johns River in Arlington, sold Dec. 19 for $37.45 million.
The apartments are at 5350 Arlington Expressway, near the eastern foot of the Mathews Bridge.
Atlas Real Estate Partners of New York sold the property through AREP Pier LLC.
GMC Properties of Jacksonville purchased it through GMC Pier LLC. The per-unit price was $93,625.
The sale was recorded Jan. 8 by the Duval County Clerk of Court.
Both parties were represented by John Rutherford and Luke McCann of the CBRE Group, according to a Dec. 22 news release.
The 22.11-acre property has 46 two-story buildings constructed in 1972. It has more than 500 feet of St. Johns River frontage and offers Downtown skyline views.
Pier 5350 has studio, one-, two- and three-bedroom apartments. They are 625 to 1,750 square feet with monthly rents from $1,249 to $2,149.
Amenities include pools, a waterfront clubhouse, fitness center, grills and a private fishing dock.
“Large, pre-1980s waterfront assets such as Pier 5350 are increasingly rare and difficult to transact in the current climate,” said Rutherford, senior vice president at CBRE said in the release.
“Achieving a successful sale at this scale and vintage speaks to the quality of the asset, the stability of the location and the conviction of the buyer in Jacksonville’s long-term fundamentals.”
The property has undergone $14 million in renovations and amenity additions, the release said.
It last sold in August 2018 for $31.3 million.