Principal Avenue Residential Acquires 104-Unit Belle Rive Condo Neighborhood in Submarket of Jacksonville, Florida for $13.13 Million

Main Street Residential Acquires 104-Unit Belle Rive Apartment Community in Submarket of Jacksonville, Florida for $13.13 Million

JACKSONVILLE, FL – Florida-based Main Street Residential, a regional multi-family investment group in the southeastern United States, announces the purchase of Belle Rive Club Apartments in Jacksonville. CBRE represented KRI Properties in handling the sale to Main Street Residential.

The Belle Rive Club is a 104-unit apartment complex in the heart of Jacksonville's most sought-after multi-family submarket and is located on the Southside Blvd./Butler Corridor submarket, one of the largest and perhaps most resilient in Jacksonville with over 17 million square feet of Class A and with office space more than 58,000 inhabitants. Jacksonville is the largest city by area in the adjacent United States, the most populous in Florida, and one of the most military-friendly in the country.

Todd C. Marshall, Managing Partner of Main Street Residential, said, "We are excited to add Belle Rive Club to our investment portfolio. The previous owner has focused its investments in the outdoor and public areas. The Signature Renovation Program will be all of the interiors of the units The property is in a very desirable location, as evidenced by the ease of commuting and proximity to major employers and Jacksonville's main retail corridor . "

Mr. Marshall continued, "To the best of our knowledge, all of the buildable locations along the Butler Corridor from I-95 to 295 Beltway are known, making this an extremely valuable investment property in one of the top 10 growth rental markets in the country." "

Source: Main street residential


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