GMC Properties Acquires Pier 5350 Multifamily Property In Jacksonville For $37.45M

Pier 5350 is a multifamily property located at 5350 Arlington Expressway in Jacksonville, covering 22.11 acres. The asset comprises 400 units and was sold for $37,450,000, equating to $93,625 per unit. The property was built in 1972 and has undergone significant renovations amounting to $14 million, featuring waterfront amenities along the St. Johns River.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $37,450,000
• Units: 400
• Price Per Unit: $93,625
• Address: 5350 Arlington Expressway
• Market: Jacksonville
• Acres: 22.11
• Buyer: GMC Properties
• Seller: Arvind Chary & Alex Foster - Atlas Real Estate Partners
• Brokers: John Rutherford & Luke McCann - CBRE

John Rutherford and Luke McCann from CBRE represented the buyer, GMC Properties, in this transaction. The seller, comprised of Arvind Chary and Alex Foster from Atlas Real Estate Partners, finalized the sale, reflecting strong investor interest in large, pre-1980s riverfront assets in the Jacksonville market.