Block One Ventures LLC, part of Trevato Development Group, announced July 1 it bought the 263-unit Broadstone River House apartments on the Downtown Southbank for $54 million.
It is rebranding it as River House apartments.
The community at 1655 Prudential Drive was built in 2018. It comprises two buildings and a parking garage on 3.56 acres. It is west of the Duval Schools headquarters building.
The per-unit sales price is $205,323.
Block One said the transaction closed June 28. It has not been recorded with the Duval County Clerk of Court as of July 1.
The property was owned by Scottsdale, Arizona-based Alliance Residential Co. through Broadstone River House LLC. The Daily Record reported in 2016 that Alliance bought the property for the apartments for $6.5 million and planned to build a $34 million project.
Block One said it is planning to upgrade the property. It hired Ironwood Design for landscape architecture and Dynamik Design for interiors, with construction planned to begin in late summer.
It said the upgrades will follow $11 million in redevelopment work completed by the previous owner and approved by the U.S. Army Corps of Engineers, following a failure of the seawall and bulkhead in 2020 that impacted the property’s three ground units, 10 upper-level units and underground push piers.
“We believe that with this acquisition, in addition to the planned construction improvements, will further enhance the lifestyle experience for existing residents at River House and ultimately bring much-needed activation to the Southbank neighborhood,” Katelyn Taylor, Trevato Development Group and Block One Ventures Director of Operations and Portfolio, said in a news release.
River House offers studio, one-, two- and three-bedroom units. Rents are $1,374 to $2,950 a month, according to broadstoneriverhouse.com.
Amenities at include a cybercafe, pet grooming spa, pool, gym and a social clubroom and with a billiard lounge.
Block One owns another property nearby. In March it completed The Station at San Marco, a 345-unit mixed-use development at 1230 Hendricks Ave. Block One says that property is 70% leased and is adding more than 40 leases a month.