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 m²

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