FCP Enters Jacksonville Market with $29M Multifamily Buy
The 396-unit garden apartment community on Townsend Boulevard includes 13 buildings on both sides of Townsend Boulevard.
JACKSONVILLE, FL—Real estate investment firm FCP has made its 10th investment in the State of Florida and its first deal in Jacksonville with the $29.1-million purchase of the Townsend Apartments here.
Chevy Chase, MD-based FCP’s Florida investments also include previous multifamily, commercial and mezzanine investments in Orlando, Tampa and Southeast Florida.
The 396-unit garden apartment community on Townsend Boulevard includes 13 buildings on both sides of Townsend Boulevard. Apartments are a mix of studio, one-, two- and three-bedroom units. Community amenities include a playground, two clubhouses, two pools, tennis courts, a fitness center, a business center and barbecue and picnic areas.
“The Townsend Apartments deal was sourced as an off-market transaction and provides FCP with a great opportunity to grow our portfolio of moderately priced apartments,” says FCP associate, Drew Schwartz. “This community is well-located near the St. Johns River and Jacksonville University, close to downtown employment centers and benefits from one of the strongest rental markets in the state as a result of strong job and population growth.”
FCP acknowledged Berkadia for facilitating the assumptions of the existing Fannie Mae and Freddie Mac mortgages on the properties.
In June, FCP reported it had re-entered the Philadelphia market with the $118-million purchase of the Edgewater high-rise apartment property there.