February 9, 2024

Meridian Apartments Acquired

Atlantic Creek Real Estate Partners, LLC (“Atlantic Creek”) is pleased to announce the joint venture acquisition of Meridian Apartments (“Meridian” or the “Property”) in Jacksonville, Duval County, FL. Acquisition of the Property closed on February 9, 2024. Meridian is comprised of a 360-unit, class B, garden-style, multi-family apartment community consisting of 17, two and three-story buildings and one clubhouse/leasing office. The investment plan is to renovate and reposition the Property to take advantage of its convenient location that offers excellent access to several of the Jacksonville MSA’s major employment hubs.

Meridian is strategically situated with convenient access to Jacksonville’s Interstate 295 beltway loop and is within an approximate 10-minute drive from three of the city’s largest employment hubs; i) the Port of Jacksonville (“JAXPORT”), ii) Downtown Jacksonville, and iii) the Butler Corridor. JAXPORT’s is North Florida’s premier deep-water shipping terminal, handling container, automobile, bulk, breakbulk and refrigerated cargoes with connections to major trade lanes throughout the world. Downtown Jacksonville is approximately seven miles from the Property and is home to 7.5 million square feet of office space, multiple medical campuses, 56,000 employees, and three Fortune 500 companies. The Butler Corridor is located approximately seven miles from the Property and is home to 18 million square feet of Class-A office space including corporate campuses for Deutsche Bank, Bank of America, Merrill Lynch, and Florida Blue, among others.

Atlantic Creek has offices in New York, NY and Palm Beach, FL and primarily targets direct and joint venture investments in opportunistic and value add multi-family commercial real estate and selectively within industrial, student housing, self-storage, and other property types, primarily located on the East and West Coasts of the U.S., Texas, and other select U.S. markets.

For further information on new acquisitions and joint venture opportunities, please contact Jon Trucano, Senior Vice President, in our Palm Beach, FL office at (561) 275-7702.