Sunday Notebook: Dallas firm buys five Arlington apartment complexes

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A property investment firm is joining an effort with Jacksonville University and others to revitalize the area surrounding the college.

S2 Capital LLC announced that it has acquired five apartment complexes near the university and plans to invest $15 million into the residential buildings in an effort to renovate the structures. The company said it spent a total of $50 million on the combined purchases of the apartment complexes of Eagle Pointe 1 and 2, Jacksonville Village, Arlington Eagle, Eagle Court and Eagle Ridge.

The Dallas-based firm said the latest purchase totals 1,100 apartment units and brings its total of Jacksonville units to about 3,000 on the heels of the purchase of three other apartment complexes last year.

“Forbes recently named Jacksonville one of ‘America’s Fastest-Growing Cities 2018’ and located close to downtown and right next to Jacksonville University, the Arlington area has a lot of potential. We have a great relationship with the university and the city, so we are excited to further invest in the efforts to revitalize the community,” said Scott Everett, managing partner of S2 Capital.

The latest purchase of apartments by S2 was inspired, in part, by the efforts of JU President Tim Cost and other Arlington civic leaders who are seeking to revitalize what was one of Jacksonville’s first real suburbs developed in the years after World War II. Many areas of Arlington have slipped into urban blight and decay.

Drew Dixon

Insurance merger

Jacksonville-based Main Street America is pursuing a merger with fellow insurance holding company American Family Insurance based in Madison, Wis.

The companies announced that the boards of directors for both firms approved the move. The merger is projected to be concluded by the end of the year and will involve no capital outlay by either company, officials said. The merger still needs approval of state insurance regulators and policyholder members of both companies.

Main Street America wrote more than $1 billion in insurance premiums in 2017 and specializes in commercial and personal policies. American Family wrote $8.8 billion in premiums last year.

Drew Dixon

PERMITS

3625 University Blvd. S., renovating two existing operating rooms and constructing two new operating rooms at Memorial Hospital, $1.5 million, 2,827 square feet. Commercial Construction Services Inc.

7015 A.C. Skinner Parkway, office expansion and addition of linear accelerator vault and control room, $2.5 million, 4,487 square feet. Sauer Inc.

8263 Old Kings Road, construction of 1 megawatt ground solar farm for Mirasol Fafco Solar Inc., $1.6 million. Mirasol Fafco Solar.

76 Laura St. S., repair and alterations to drywall, flooring, painting, plumbing and electrical for Mainstreet CV76 S. Laura St. LLC, $235,149, 4,979 square feet. Dav Lin Interior Contractors.

8340 Merchants Gate Drive, construction of new storage building for Oakleaf Atlantic Self Storage, $711,634, four stories, 120,936 square feet. Ash Construction LLC.

701 San Marco Blvd., interior renovations to fourth and fifth floors of U.S. Army Corps of Engineers office at Prudential Insurance Co. of America building, $160,000. Tenant Contractors Inc.

3700 Port Jacksonville Parkway, alterations and repairs to drywall, flooring, painting, plumbing and electrical at Stone Mountain Industrial Park, $109,251. Dav Lin Interior Contractors.

12743 Abess Blvd., construction of 679-square-foot interactive water splash pad and 795-square-foot dry deck for the city of Jacksonville, $150,000. Capital T Enterprises.

807 Childrens Way, replacing of two imaging units at Nemour’s Children’s Clinic, $141,964, 425 square feet. Commercial Construction Services Inc.

10199 Southside Blvd., Suite 310, renovation of existing office area for Taylor Engineering, $360,947. Dav Lin Interior Contractors.

9000 Southside Blvd., interior alterations with new partitions and doors on the second floor for Oracle Jacksonville, $821,058, 8,973 square feet. Commercial Construction Services Inc.

1795 Kernan Blvd. S., interior buildout for Heartland Dental, $387,750. 3,525 square feet. Jacobs Group of Kentucky Inc.

SALES

Jammes Road LLC paid $1.29 million for a 31,544-square-foot, three-story apartment complex at 2506 Jammes Road.

Barbara and William Harrell paid $1.38 million for a 3,701-square-foot condominium at 6740 N. Epping Forest Way. The condominium was built in 1988 and last sold for $925,000 in 2014.

John Stauffer paid $1.09 million for a 5,130-square-foot home at 4453 N. Swilcan Bridge Lane in Glen Kernan Golf and Country Club.

Carol and Stephen Porges paid $1.93 million for a 3,680-square-foot home at 2389 Ocean Breeze Court in Atlantic Beach.

Kevin and Tamara Keegan paid $1.56 million for a 3,568-square-foot home at 3324 Ocean Drive in Jacksonville Beach. The home was built in 1990 and last sold for $700,000 in 2016.

Permits and Sales are compiled by Drew Dixon.

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