Ceiba Groupe Lands $40M for Florida BTR-Multifamily Project
Royal Palms Main Street will debut in the first quarter of 2027.
An affiliate of Ceiba Groupe has secured a $40.2 million construction loan for Royal Palms Main Street, a 227-unit project combining multifamily and build-to-rent elements in Jacksonville, Fla. Crestline Investors provided the debt in a deal arranged by JLL Capital Markets. Completion is slated for early 2027.
Once delivered, the community will comprise 168 multifamily apartments encompassing one- and two-bedroom floorplans, as well as 59 townhome BTR units consisting of three- and four-bedroom layouts.
Located at 15275 N. Main St., the development site is about 15 miles north of downtown Jacksonville. A roughly 920,000-square-foot retail center can be found some 3 miles away, while Interstate 95 and U.S. Route 17 run within less than 1 mile from the property.
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Amenities are set to include a clubhouse, a swimming pool, a gym, a clubroom, a dog park, a pet spa, as well as a children’s playground and climate-controlled storage units.
A solid amenity package—such as the one typically found within traditional multifamily communities—may be selling point for prospective BTR tenants, according to a Yardi Matrix report citing the National Rental Home Council.
Ceiba Groupe isn’t the only developer seeking to mix and match the two rental styles. Earlier this year, Greystar kicked off construction on Old Ivy Residences in Albemarle County, Va. This development will bring online 336 garden-style multifamily apartments and 189 three-bedroom townhomes and detached houses. First units will debut next year.
JLL Senior Managing Directors Chris Drew and Brian Gaswirth, together with Director Kenny Cutler and Associate Justin Ratcliffe, represented Ceiba Groupe in the debt acquisition.
Jacksonville’s emerging BTR sector
Jacksonville’s multifamily pipeline comprised more than 10,300 apartments underway as of August, according to Yardi Matrix data. The market also had about 1,000 BTR homes under construction. During the first seven months, developers brought online more than 4,500 rental units across both sectors.
Notably, BTR completions accounted for 12.7 percent of total multifamily deliveries in the market, slightly below the national average of 14.5 percent recorded in May, according to the data provider. Additionally, about 34 percent of Jacksonville’s BTR inventory came online within the last 12 months.
