Southbank’s Strand is sold

The latest evidence that the real estate market in Jacksonville’s Southbank is heating up was the recent sale of The Strand on Riverplace Boulevard.

The iconic 28-story apartment tower, which is positioned on the lip of the St. Johns River, was purchased July 13 for $64.6 million, a cost of approximately $219,000 per unit, by DeLorenzo Strand, a limited liability corporation registered to John and Barbara Rumpel of Winter Park.

Selling the 295-unit building was 1401 Riverplace, a limited liability corporation associated with Crescent Heights, a Miami firm that advertises online as providing “residences with soul” – “communities that are personalized in every detail to the resident’s desires.” Three years ago, 1401 Riverplace LLC bought the apartment building for $53.3 million from The Strand Investors Limited Partnership, a group that had owned it since it was built in 2007. Crescent Heights often converts apartments into condominiums, but didn’t choose to do so with The Strand.

The Strand is currently 96 percent occupied, according to Deshai Robinson, of The Strand’s leasing office. Studio, one-, two and three-bedroom apartments are available with rents ranging from $1,025 to $3,000 per month.

By Marcia Hodgson
Resident Community News

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