Jacksonville, Florida, January 3, 2026
Atlas Real Estate Partners has acquired the Pier 5350 apartment complex in Jacksonville, marking their first multifamily investment in the city. The 400-unit waterfront property reflects the robust growth in Jacksonville’s real estate market. Atlas plans to enhance community amenities, including outdoor spaces, to improve the residential experience. This acquisition underscores the ongoing interest in Jacksonville’s multifamily housing sector, signaling potential for future developments that benefit the community.
Pier 5350 Apartment Complex Sold to Atlas Real Estate Partners
Investment highlights Jacksonville’s thriving multifamily market
Jacksonville, Florida – In a significant move for the local real estate market, the Pier 5350 apartment complex has been acquired by Atlas Real Estate Partners. This transaction, completed on August 29, 2018, marks Atlas’s first multifamily investment in Jacksonville, reflecting the growing interest in this vibrant city. The purchase, which involved the 400-unit waterfront property, underscores the potential for multifamily housing in a region known for its economic growth and entrepreneurial spirit.
Atlas Real Estate Partners intends to implement an extensive value-add restoration program for Pier 5350, enhancing community amenities to enhance residents’ overall living experience. This plan includes adding conveniences like barbecue grills, fire pits, and seating areas, showcasing a commitment to improving quality of life for tenants while aligning with their strategy of repurposing properties acquired at a discount to replacement cost.
What is Pier 5350?
Pier 5350 is a 400-unit waterfront apartment complex situated in the Arlington area of Jacksonville, Florida. The complex boasts an array of amenities, which include a dog park, three resort-style pools, outdoor grilling areas, a fully equipped fitness facility, playgrounds, and on-site laundry centers. The variety of floor plans and flexible lease terms cater to diverse lifestyles, making it an attractive option for residents.
Atlas Real Estate Partners’ Acquisition Strategy
This acquisition aligns well with Atlas Real Estate Partners’ investment philosophy, characterized by a focus on Class B apartment communities. By investing in properties at significant discounts to their replacement costs, Atlas aims to reposition these assets to generate additional value. This approach not only enhances the property itself but also contributes positively to the surrounding community.
Previous Ownership Overview
Before Atlas Real Estate Partners took ownership, Pier 5350 was managed by 29th Street Capital, a private real estate investment firm based in Chicago. They acquired the garden-style community in 2016, highlighting the ongoing transition in ownership as investors recognize Jacksonville’s potential in the multifamily arena.
Jacksonville’s Multifamily Real Estate Market
The sale of Pier 5350 is indicative of the continuing investment interest in Jacksonville’s real estate market, particularly in the multifamily sector. Investors are increasingly drawn to the city’s growth potential, supported by a favorable economic climate and the resilience of local entrepreneurs. The influx of capital into properties like Pier 5350 is a testament to Jacksonville’s appeal as a destination for residential investment, suggesting that further developments may be on the horizon.
Community Impact and Future Developments
The enhancements planned for Pier 5350 stand to benefit the community significantly. The addition of features such as outdoor gathering spaces aligns with modern trends emphasizing community interaction and quality of life enhancements. As investors and developers continue to recognize the advantages of operating in Jacksonville, the potential for further business growth and job creation remains strong.
Conclusion
The acquisition of Pier 5350 by Atlas Real Estate Partners highlights the dynamism of Jacksonville’s multifamily real estate market. As investors continue to seek opportunities that balance cost and potential for improvement, the city stands poised for future growth. Supporting local businesses and new developments fosters community resilience, making it essential for residents to stay engaged with Jacksonville’s evolving economic landscape.
Frequently Asked Questions
- What is Pier 5350?
- Pier 5350 is a 400-unit waterfront apartment complex located in the Arlington area of Jacksonville, Florida. It offers various amenities, including a dog park, three resort-style pools, an outdoor grilling area, a fully equipped fitness facility, a playground, and on-site laundry centers. The complex provides a range of floor plans and lease terms to accommodate diverse lifestyles.
- Who acquired Pier 5350?
- Pier 5350 was acquired by Atlas Real Estate Partners, marking their first multifamily acquisition in Jacksonville. The transaction was completed on August 29, 2018, and the sale price was not disclosed.
- What are Atlas Real Estate Partners’ plans for Pier 5350?
- Atlas Real Estate Partners plans to implement a significant value-add restoration program for Pier 5350. Proposed enhancements include adding barbecue grills, fire pits, and seating areas to improve community amenities. This acquisition aligns with Atlas’s investment strategy of acquiring Class B apartment communities at a significant discount to replacement cost, with the goal of repositioning them to create additional value.
- Who owned Pier 5350 before Atlas Real Estate Partners?
- Prior to this sale, Pier 5350 was owned by 29th Street Capital, a privately held real estate investment firm based in Chicago. The firm had acquired the garden-style community in 2016.
- What does this sale indicate about Jacksonville’s real estate market?
- This transaction reflects the ongoing interest and investment in Jacksonville’s multifamily real estate market, highlighting the city’s appeal to investors seeking opportunities in the residential sector.
| Feature | Details |
|---|---|
| Location | Arlington area, Jacksonville, Florida |
| Number of Units | 400 |
| Amenities | Dog park, three resort-style pools, outdoor grilling area, fully equipped fitness facility, playground, on-site laundry centers |
| Acquired By | Atlas Real Estate Partners |
| Previous Owner | 29th Street Capital |
| Acquisition Date | August 29, 2018 |
| Sale Price | Not disclosed |
| Planned Enhancements | Barbecue grills, fire pits, seating areas |
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Author: STAFF HERE JACKSONVILLE WRITER
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