New York-based Atlas Real Estate Partners says it has acquired Pier 5350, a 400-unit garden-style apartment community in Jacksonville and is planning significant value-added renovations.
“We’re very excited about unlocking what we think is some incredible potential in the property,” on the St. John’s river with downtown Jacksonville views,” Atlas managing partner Arvind Chary said in a statement. “Pier 5350 perfectly fits our investment strategy of acquiring class B apartment communities at a significant discount to replacement cost that can be repositioned to create additional value.”
“We’ve engaged a great team and we’re excited to execute our value-add strategy,” said Bill McConaghy, Atlas’s Florida vice-president. “We believe there are numerous opportunities to create value and improve operations. Our business plan is to take care of all deferred maintenance, upgrade the amenities, renovate unit interiors, and make cosmetic enhancements, with the goal of offering residents a newly renovated property, with incredible access to Downtown, at a value price point.”
This is Atlas’ first multifamily acquisition in Jacksonville, and fifth in Florida, where the company owns more than 1,500 units. Atlas says it is looking to grow its Florida platform significantly over the next few years.
The acquisition was financed with a 12-year fixed-rate Freddie Mac loan originated by Mitch Sinberg and Matt Robbins of Berkadia Commercial Mortgage.