Capital Square 1031 Acquires Jacksonville Community for $127M
January 25, 2022
Capital Square 1031 is continuing to expand its footprint in Florida after acquiring a newly-built luxury community in Jacksonville. Capital Square 1031 acquired Vista Brooklyn Apartments on behalf of CS1031 Vista Brooklyn Apartments DST. According to Yardi Matrix data, the firm acquired the property from Bristol Development Group for $126.3 million.
The 10-story community was recently completed in 2021 and offers 308 units in one-, two- and three-bedroom floorplans that range in size from 460 to 1,626 square feet. Vista Brooklyn Apartments also offers a wide range of amenities including a rooftop beer garden, heated saltwater pool, clubroom, package room, coffee bar, bike storage room, meditation room, fitness center, dog park, courtyard, outdoor grills and co-working spaces. The mixed-use asset also includes 12,685 square feet of ground-floor retail space.
Located at 200 Riverside Ave., Vista Brooklyn Apartments is part of Jacksonville’s Brooklyn/Riverside submarket, but also roughly a mile away from the city’s downtown. Whitson Huffman, chief strategy and investment officer for Capital Square 1031, said in prepared remarks that the community is very attractive to Millennials and people looking for a walkable lifestyle.
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