29th Street Capital has acquired the Summer Oak Apartments Homes in Jacksonville, for an undisclosed price. The new owner plans to rebrand the 400-unit riverfront multifamily community as Pier 5350 and start a $2 million renovation of the property. Located at 5350 Arlington Expy., the community is just over the Mathews Bridge and boasts poolside views of EverBank Field, home of the Jacksonville Jaguars. Amenities include a 240-foot dock on the St. Johns River, three swimming pools, a private park with river views, and a fitness center. 29SC plans to improve the property by repairing deferred maintenance, installing new exterior lighting and improving the leasing center and amenities.
“We are very happy to close on our second acquisition in Florida and have high expectations for this property and the overall Florida market,” said Bill McConaghy, 29SC’s Vice President of Acquisitions for Florida. “Pier 5350, situated on the St. Johns River, is in a great location and offers some of the largest floorplans and townhomes in the submarket. We believe our renovations will further enhance the property and we are excited for the future.”
