JACKSONVILLE, Fla. –– July 1, 2024 –– Block One Ventures LLC, a sister company of Trevato Development Group, announced today the acquisition of River House for $54 million. The transaction closed on June 28, 2024.
The property, a 263-unit multifamily development located at 1655 Prudential Drive on the St. Johns River in Jacksonville, was originally built in 2018 and is only one of two multifamily communities on the Southbank Riverwalk.
Block One Ventures plans to implement several upgrades to the property, and has retained Ironwood Design for landscape architecture and Dynamik Design for interiors. Both firms have completed design; upon receipt of a permit, construction will begin in late summer 2024. These enhancements 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,” said Katelyn Taylor, Trevato Development Group and Block One Ventures Director of Operations and Portfolio.
Block One Ventures was chosen among multiple prospective buyers due to the company’s local knowledge, proactive structural evaluation and ability to close quickly and with confidence.
This acquisition further expands Block One Ventures’ portfolio within Jacksonville’s urban core. In March 2024, Block One Ventures completed the construction of The Station at San Marco, a 345-unit mixed-use development located at 1230 Hendricks Ave near the heart of San Marco Square and less than one mile from the Southbank Riverwalk. The property is currently 70% leased, at a market leading 40+ leases a month.
For more information, visit www. trevatogroup.com/portfolio/block-one-ventures/.
About Block One Ventures LLC:
Founded in 2015, Block One Ventures is a commercial real estate company with expertise in identifying quality real estate opportunities focused on building multi-housing residential developments in the path of growth. Block One Ventures focuses on acquiring premier real estate with long-term potential for significant value creation and is a sister company of Trevato Development Group. To learn more, visit blockoneventures.com.
