Institutional Property Advisors Closes Multifamily Development Site Sale in St. Augustine Florida
January 27, 2025
ST. AUGUSTINE, Fla., Jan. 27, 2025 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of a 32-acre land parcel with 18 developable acres in St. Augustine, Florida.
“Located within an Opportunity Zone, the property is well-suited for the development of approximately 315 multifamily units,” said Tyler Nilsson. Nilsson and Erik Bjornson, IPA senior directors, represented the seller.
Located between Florida State Road 16 and Four Mile Road, the site has over 1,700 feet of frontage on Four Mile Road. The land is within walking distance of a Publix-anchored shopping center and is within the St. Johns County School District.
“Located within an Opportunity Zone, the property is well-suited for the development of approximately 315 multifamily units,” said Tyler Nilsson. Nilsson and Erik Bjornson, IPA senior directors, represented the seller.
Located between Florida State Road 16 and Four Mile Road, the site has over 1,700 feet of frontage on Four Mile Road. The land is within walking distance of a Publix-anchored shopping center and is within the St. Johns County School District.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.