JACKSONVILLE, FL-In a sign of life for multifamily development in North Florida, the 23-acre Seagrass Development site has traded hands. TriBridge Residential, a multifamily investment, acquisitions, property management, development and construction firm, sold the property to a private investor for $6.1 million.

ARA Jacksonville-based vice president Matt Wilcox served as lead broker on the deal. He worked with ARA Orlando-based principal, Kevin Judd and ARA Tampa-based vice president Patrick Dufour to represent the seller.

“Interesting deal,” Wilcox tells GlobeSt.com. “The seller had plans to develop the property, but had a basis too high to attract new capital to fund a construction loan. Our initial thought was to bring a new capital source to the table, letting the market reset the value, and then form a joint venture with the seller to develop the property. The pricing came in quite strong, so the seller elected to salvage a portion of their equity and sell the parcel.”