FCP, Springer Capital Buy Jacksonville Community for $33M

Water’s Edge Apartments in Jacksonville, Fla. Image courtesy of FCP

FCP has made its second Florida multifamily purchase in two weeks, with the acquisition of Water’s Edge Apartments, a 404-unit community in Jacksonville, Fla., for $33.25 million. The property was acquired through a joint venture with existing partner Springer Capital.

Greg Rainey and Paul Vetter of Berkadia managed the transaction. The seller of the property at 800 Broward Road could not immediately be learned.

Earlier in July, FCP had acquired Avana Cypress Creek Apartments, a nine-building 220-unit luxury apartment community in North Lauderdale. The Chevy Chase, Md.-based company purchased that property from Eaton Vance Investment Managers and assumed an existing $29.9 million Fannie Mae-backed loan, according to Yardi Matrix data. That deal grew FCP’s multifamily portfolio in Broward County, Fla., to 6,000 units.

The acquisition of Water’s Edge Apartments expanded FCP’s footprint Jacksonville. In September 2019, FCP purchased Townsend Apartments, a 396-unit garden-style apartment community at 3450 Townsend Blvd. in Jacksonville, for $29.1 million.

Riverfront property

Water’s Edge Apartments was built in 1974 and consists of one-, two- and three-bedroom units in a waterfront setting. Select units have large patios and balconies, river views and fireplaces. Community amenities include two pools, a playground and sand volleyball court.

The property has immediate access to Interstate 95 and is five minutes from the I-295 Jacksonville beltway. The community is also near Jacksonville International Airport and UF North Hospital, as well as the River City Marketplace, a regional outdoor shopping mall.

Cushman & Wakefield has been selected as the property manager at the site. In April, the firm represented the seller of Amber Grove at Olley Creek, a 360-unit multifamily community in Marietta, Ga., when FCP acquired the asset for $51 million.

Since its founding in 1999, FCP has invested in or financed more than $12.4 billion in assets. The privately held real estate investment firm invests directly, and with operating partners, in residential and commercial assets. It owns multifamily and commercial properties in 13 states and Washington, D.C. FCP currently owns properties in states such as Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, Texas and Virginia.