Back Naples, Fla. – December 9, 2021 – Halstatt Real Estate Partners, a real estate private equity firm, today announced the sale of Gran Bay Apartment Homes at Flagler Center, a 308-unit apartment community, located in Jacksonville, Florida. The property is located in the highly desirable Flagler Center submarket within South Jacksonville. Flagler Center is supported by over 2.4 million sq. ft. of commercial space including business, financial, and medical services and is home to employers such as Baptist Health and Citicorp. Halstatt purchased the property in September 2017 and implemented a value enhancement and improvement plan that substantially increased rental rates and occupancy.
“Gran Bay provided an attractive opportunity to acquire a high-quality apartment community at a favorable cost basis relative to replacement cost in one of Jacksonville’s most desirable neighborhoods,” said Steve Iannaccone, principal, Halstatt Real Estate Partners. “The Jacksonville MSA is one of the fastest growing metros in Florida. Operational performance at Gran Bay significantly benefitted from the region’s outsized population and employment growth and we are very pleased with the outcome this disposition has yielded for our investors.”
Halstatt made numerous improvements to the property’s common areas and unit interiors which feature six different floorplans, including a mix of one-, two- and three-bedroom units. The property consists of ten three-story apartment buildings and four carriage house apartment buildings, a state-of-the-art fitness center with children’s activity room, club room with internet café, resort-style saltwater swimming pool, outdoor lounge area with community fireplace, and private garages and storage units.
Halstatt Real Estate Partners identifies value add and opportunistic real estate projects throughout Florida, the Southeast, and Texas. The company partners with qualified sponsors to develop and implement a strategic business and capital improvement plan to maximize demand driven acquisition and development opportunities.