Atlas Real Estate Partners purchased Pier 5350, its first multifamily asset in Jacksonville, Florida. The waterfront property features 400 units. Atlas intends to implement a significant value-add restoration program, including adding barbeque grills, fire pits and seating. The price of the deal was not disclosed. The transaction marks the Atlas’ fifth acquisition in Florida, where it now owns 1,500 units. The seller, 29th Street Capital, a privately held real estate investment firm from Chicago, bought the garden-style community in 2016. Pegasus Residential, a regional management company, will be the new property manager.
“Pier 5350 perfectly fits our investment strategy of acquiring class B apartment communities at a significant discount to replacement cost that can be repositioned to create additional value,” said Arvind Chary, managing partner at Atlas.
