MONDAY August 23, 2021
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THE MATHIS REPORT
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Work on The 1230 Hendricks begins on Downtown Southbank
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Terrabella Apartments is at 13723 Atlantic Blvd., west of the Intracoastal Waterway.
Terrabella Apartments sale sets price record
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The Atlantic Boulevard community built in 2021 is sold for $82.5 million, or $326,097 per unit.
BY KATIE GARWOOD STAFF WRITER
Special to the Daily Record
Dynamik Design is the designer of The 1230 Hendricks, a 345-unit apartment community with retail space in development on the Downtown Southbank. The site is the former Florida Baptist Convention Inc. property.
Trevato Development Group announces the 345-unit apartment and retail project at the former Florida Baptist Convention site.
KAREN BRUNE MATHIS EDITOR
Trevato Development Group has started clearing the Southbank site where it intends to build The 1230 Hendricks, a 345-unit apartment project with a parking deck and groundlevel retail space. The five-story building with 5,000 square feet of space for a retail tenant is under development on 3.3 acres at 1230 Hendricks Ave. Completion is anticipated in the second quarter of 2023.
The studio, one- and two-bedroom apartments will range in size from 557 to 1,414 square feet. Pre-leasing starts in 2022. Rental rates will average more than $2 per square foot, indicating at least $1,114 to $2,828 a month, depending on the unit size. Trevato announced the urban, infill mixeduse development is “along an active, central corridor in historic San Marco.” The site is the former Florida Baptist Convention Inc. property bordered by Hendricks and Naldo avenues, Nira Street and the Interstate 95 ramp. City Council enacted ordinances in April SEE MATHIS, PAGE 2
A per-unit price record was set with the $82.5 million sale of the Terrabella Apartments, which averaged $326,086.96 per unit. The community is at 13723 Atlantic Blvd. Birmingham, Alabama-based Terrabella Residences LLC sold the 253-unit complex to San Mateo, California-based Williams Portfolio 22 Inc. on Aug. 6, according to a deed recorded with the Duval County Clerk of Courts on Aug. 16. Walker & Dunlop’s Brian Moulder, Bobby Gatling and Dhaval Patel brokered the sale. The previous per-unit record was set July 21 with the $83.15 million sale of the Drift at Town Center Apartments. The per-unit price was $301,268. The Terrabella Apartments, which are along the Intracoastal Waterway, were completed in 2021. The community offers a resortstyle pool, office and conference space, fitness and yoga centers, electric bikes, grilling stations, game room, bike room, 24-hour market, pet spa and pet park.
KGARWOOD@ JAXDAILYRECORD.COM (904) 356-2466
Home2 Suites by Hilton Jacksonville Airport sold BPR Properties, represented by Hunter Hotel Advisors, sold Home2 Suites by Hilton Jacksonville Airport at 13475 Ranch Road. The sale price was $11.5 million, according to a deed recorded Aug. 6 with the Duval County Clerk of Courts. The buyer is listed on the deed as 13475 Jacksonville Holdings LLC in Denver. The new owner is a “large private equity group focused on adding high RevPar assets to its growing select-service platform,” Hunter Hotel Advisors said Aug. 18 in a news release. “RevPar” refers to revenue per available room, an indicator of a hotel market’s financial performance.
VOLUME 108, NO. 196 • ONE SECTION