Daily Record Financial News &
Thursday, July 6, 2017
Vol. 104, No. 167 • One Section
35¢
www.jaxdailyrecord.com
Mathews Crossing sold for $49.5 million A Texas-based apartment investor bought the Mathews Crossing Apartment Homes complex along Atlantic Boulevard last week for $49.5 million. Addison, Texas-based S2 Capital LLC, through SP Matthews LP, bought the complex in two deeds from ownership
groups led by New York investor Pinchos Shemano. Co-founder and Managing Partner Scott Everett said that at 1,103 units, Mathews Crossing, not far from Regency Square Mall in Arlington, is the largest apartment complex in the area. He said it will be renamed soon and updated with $12 million in exterior and interior renovations. Mathews Crossing, at 400 Century Drive and 401 Century Drive E., was built in 1972 and 1973. Everett said the group also intends to buy the 458-unit Casa del Rio apartments
near Jacksonville University in August and invest $5 million in renovations. It was built in 1973 and 1975, property records show. That complex is at 3500 University Blvd. N. S2 Capital will buy that from the same seller, he said. The seller bought it about a year ago. Everett did not divulge a purchase price. Everett said the condition and security of the Mathews Crossing apartments are an issue and “something we will address.” “We’ve done almost 30 acquisitions. This is all we do, every day, and it is what
we look for,” he said. Everett said S2 Capital likes in invest in “mismanaged, neglected properties.” He indicated it was a successful strategy. “We are so far 30 for 30,” he said. He and Harold “Skip” Bird founded the company in 2012 to build a multifamily “value-add” investment platform in the Dallas-Fort Worth area. Its website says it seeks out underperforming or distressed “B,” “C” and “D” multifamily properties. Its strategy is to make “cost-effective Mathis
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City Council getting down to business
Photo by Wes Lester, City of Jacksonville
Watched by her family, Anna Lopez Brosche is sworn in as Jacksonville City Council president by Duval County Judge Gary Flower on June 29 at the Times-Union Center for the Performing Arts. One of Brosche’s first acts was to appoint council members to committees. See their assignments and the meeting schedule, Page 2
400-unit Ciel apartments to break ground soon WRH Deerwood buys site next to Florida Blue campus.
Mark Rutledge said the 400-unit luxury apartment project should be completed in 20 months, indicating a spring 2019
By Karen Brune Mathis Editor
Rutledge
Developer WRH Properties Inc. anticipates groundbreaking within 30 days for the more than $65 million Ciel apartments in Southside. WRH Properties President
opening. Site clearing for the 16.6-acre site was approved June 23. WRH Deerwood LLC bought the property in Deerwood Park next to the Florida Blue campus
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on Friday for $9.2 million. WRH Deerwood bought the land from Guidewell Group Inc. and Blue Cross and Blue Shield of Florida Inc. Rutledge is president of WRH Properties, WRH Deerwood and WRH Realty Services Inc., all based in St. Petersburg and in Jacksonville. The city is reviewing permit applications for the $38 million construction project at 4929 Skyway Drive, at northeast Butler and Southside boulevards.
Summit Contracting Group is the contractor. Humphreys & Partners Architects of Maitland is the architect. Ciel is pronounced “see-al” and means blue, sky and heaven. It plays off of the location next to Florida Blue. “This is designed to be bestin-class,” Rutledge said. Ciel will comprise six fourstory apartment buildings, a two-story clubhouse, a singlelevel leasing center, a single-story maintenance building and two
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single-story parking garages. Rutledge said there would be a clubhouse of 8,500 square feet with a resort pool, spa, fitness center, business center, pet spa, dog park, electric car-charging stations, bike shop for storage and repair, and the free-standing leasing center. “It should be really nice,” Rutledge said. Units comprise 232 one-bedroom, 144 two-bedroom and 24 Ciel
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consecutive business days