Matthews™ Closes Sale of 36-Unit Apartment in Jacksonville

Multifamily Sale in Jacksonville

 

Jacksonville, FL— Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, managed the successful closing of Third and Main, a 36-unit mixed-use property located at 1303 N Main St, Jacksonville, FL. Matthews™ Associate William Bruce and First Vice President Cameron Hooper represented the seller in the transaction.

 

The apartment building features 36 beautifully maintained apartment units and 7,500 square feet of retail space anchored by Uptown Kitchen, a popular restaurant and bar. The residential units have historically been used for short and mid-term rentals in partnership with the University of Florida’s Proton Therapy Facility. Patients from across the state, country, and world fly in to receive cutting-edge Proton Therapy and consistently choose to stay at 3rd and Main for comfort, convenience, and proximity.

 

“This was a unique sale as many of the units are rented for short-term leases, but by knowing the market dynamics and establishing the property’s value, we were able to execute a smooth and successful closing for our client,” Hooper said.

 

The property was developed by Cesery Companies in 2009 and they have owned and operated the building until the time of sale. Matthews™ agents sourced the buyer, Ancient City Capital LLC (ACC), through a robust marketing campaign. ACC plans to implement a value-add program to bring Third and Main to Class A condition, capitalizing on the economic and population growth of the Jacksonville MSA and Springfield submarket.

 

“This is a unique asset and one that required vision to understand the incredible opportunity,” Bruce said. “Through a dedicated marketing campaign, which included hundreds of phone calls, thousands of emails, and truly bringing the entire market to the table, we found the group that understood our vision for the property. Our client and Ancient City Capital were wonderful throughout the entire process, and we’re excited to see ACC’s vision for 3rd & Main come to life!”

 

For more information or to contact a Matthews™ specialized agent, please visit www.matthews.com.

 

About Matthews™

Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 1,000 agents and employees in 25+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.