Bainbridge Enters Jacksonville Market

The 396-unit Ponte Vedre project is a luxury property in the city’s suburbs.

A white building with large windows flanked by palm trees
The apartments are located near Jacksonville. Image courtesy of Bainbridge Cos.

Bainbridge Cos. has expanded its apartment portfolio with the debut of Bainbridge Ponte Vedra, a property located near the southeastern part of Jacksonville.

The 396-unit luxury community is located at 440 Burbank Ave. in Wellington, Fla. The luxury apartment community offers one-, two- and three-bedroom homes ranging from 797 to 1,485 square feet. All units feature designer fixtures in the kitchen and bathrooms, plank flooring, stainless steel appliances, quartz countertops and in-unit washers and dryers.

Bainbridge is a leading owner, developer and manager of luxury multifamily apartment communities throughout the southeastern and southern U.S., as well as in the Mid-Atlantic.

Two years ago, the company debuted Bainbridge Avenues Walk, a 372-unit luxury Class A community in Jacksonville proper. In recent years, the company has opened new communities in Orlando, Fla., including Bainbridge Nona North, at 2410 Canopy Breeze Circle in the city’s Lake Nona neighborhood, and Bainbridge The Grand.

Hot Jacksonville market

The community is close to downtown Jacksonville and historic St. Augustine, the oldest city in the continental U.S. Jacksonville is one of the top five markets in the state and the 43rd largest multifamily market with 120,811 completed units and 42,254 units in development, 14,630 of which have broken ground, according to Yardi Matrix data from April 2024.

New-lease asking rents in the market are $1,495, down -3.7 percent year-over-year. Multifamily housing demand has been positive, with 4,072 net units absorbed over the past 12 months. This is up 1,860 units from the previous year’s gain of 2,212 absorbed units.

Employment in Jacksonville has grown by 1.9% over the past 12 months, while hourly wages have risen by 2% year-over-year to $32.30 according to the Bureau of Labor Statistics.

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