The Yard Development Site Sold for $10.5M in Jacksonville

$10,500,000 Multifamily Sale in Florida

 

Jacksonville, FL — Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, closed the $10,500,000 sale of The Yard, a 53.56-acre development site at 10950 Normandy Boulevard, Jacksonville, FL. Matthews™ First Vice President Cameron Hooper managed the transaction.

 

Matthews™ represented the seller and sourced the buyer. The buyer plans to develop ~432 luxury apartment units.

 

“Selling multifamily development deals during this market cycle is a difficult task. However, we have a proven process that focuses on development fundamentals and crafting a deal story that showcases the financial support and local need of the project,” Hooper said. “Much like other thriving areas within Jacksonville, the infrastructure is ahead of the growth, and we believe this submarket is poised for more expansion as the pieces are coming together to create a thriving community that will positively impact thousands of lives.”

 

“This is the fifth deal we’ve sold for residential development in this submarket in the last 15 months,” Hooper added. “Having a Publix anchored shopping center, connectivity to employment centers, and knowing the retail boom that’s following these rooftops, the secret is out on the Cecil Commerce expansion, and developments like this one will continue to ignite the exponential growth throughout the submarket.”

 

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 600 agents and support staff in 25+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.