Belle Rive Club Apartments_Property for Sale
Belle Rive Club Apartments_Property for Sale
8715 Belle Rive Boulevard, Jacksonville, FL, 32256, US

Belle Rive Club Apartments

Asset description

JLL is pleased to offer Belle Rive Club Apartments, a 104-unit value-add opportunity in the heart of Jacksonville’s most desirable multifamily submarket. Belle Rive Club Apartments was built in 1990 and is conveniently located in the Southside Boulevard/Butler Corridor submarket, one of the largest, and arguably the most resilient, in Jacksonville with over 17 million square feet of Class-A office space and employing over 58,000 area residents. Current ownership has implemented a modest value add program – leaving a tremendous opportunity to improve unit interiors and grow rents. Neighboring comparable properties of a similar vintage rent from $150 - $500 more per month making Belle Rive Club Apartments an incredible opportunity to buy a dynamic value-add property in one of the nation’s Top 10 rent growth markets.

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Attributes

Number of units
104 units
Year built
1990
Investment strategy
Value Add
Building area net
7,899 sm

Media

Investment highlights

Incredible Upside Opportunity

  • All units at the Property are candidates for interior upgrades.
  • Nearby comparables of similar vintage rent for between $150-$500/month more than Belle Rive Club Apartments.
  • Ownership implemented a modest renovation program but left tremendous opportunity to add value through additional improvements. All roofs were replaced in 2018.


North Florida’s Premier Submarket

  • The Southside Boulevard Corridor is located in the middle of what is the employment and retail EPICENTER of Jacksonville.
  • This submarket has arguably been the most consistent and reliable across the MSA over the last 25 years.
  • Surrounded by the MSA’s top employers.
  • Proximate to the most successful retail development within 200 miles.
  • High barriers to entry - extremely limited Multifamily development sites remain.


Top Demand Drivers in the Region

  • Butler Corridor Office Parks – Highest concentration of jobs in North Florida
  • St. Johns Town Center – Unequivocally the BEST retail in all of North Florida
  • St. Vincent’s Medical Complex (10 minute drive)
  • Mayo Clinic (15 minute drive)
  • Downtown Jacksonville (15 minute drive)


North Florida Remains one of the Nations Strongest Markets

  • Perennially one of the nation’s top Rent Growth Markets
  • Nearly 30,000 Jobs added annually
  • The Jacksonville market is among the fastest growing metros in the nation, increasing by more than 34,000 residents in 2022
Belle Rive Club Apartments 4_Property for Sale
Belle Rive Club Apartments 4_Property for Sale

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Last updated
Mar 4, 2024