Jacksonville Apartments Command $63M

AC Packer West sold the year-old Steele Creek Apartments, a Class A, 300-unit community, to RST Development/Hercules Real Estate Services Inc.

Steele Creek Apartments. Image courtesy of Hercules Real Estate Services Inc.

RST Development/Hercules Real Estate Services Inc. has acquired Steele Creek Apartments, a 300-unit, Class A apartment community in Jacksonville, Fla., from AC Packer West, for $63.4 million. 

“We were drawn to the combination of Steele Creek’s stabilized occupancy, bustling location, luxury interior finishes and high-end amenity package,” Jason Loftis, Hercules Real Estate Services’ president, told Multi-Housing News. “Steele Creek gives us the perfect framework to focus on offering exceptional service and dedicate our efforts into providing residents with a great place to call home.”

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Located at 8599 AC Skinner Parkway, just 12 miles from Jacksonville Beach, the property is centrally located nearby the St. Johns Town Center and is close to major employees in the area such as Citi Bank, Mayo Clinic and Johnson & Johnson.

The deal marks Hercules Real Estate’s first entry in the Jacksonville market, which according to the latest CBRE multifamily market report, shows is thriving thanks to a booming economy and posting one of the highest job growths in the state of Florida.

New Addition to Marketplace

Built in 2018, Steele Creek offers one-, two- and three-bedroom units with high-end amenities such as a game room, auto detailing center, and beach retreat with lounging hammocks.

“Since the community is new and was built with high-end finishes, we can focus on the residents and not on amenity or apartment upgrades,” Loftis said. “A few of the interior apartment features include quartz countertops and 42-inch custom cabinetry, Nest thermostats, stainless steel appliances, nine to 10-foot ceilings, rainhead showers, and keyless entry front door locks.”

Steele Creek is surrounded by roughly 15 million square feet of office space with over 52,000 jobs.

“Within 12 miles is the beach, high-end retail shopping at St. Johns Town Center, numerous medical campuses including Mayo Clinic, as well as numerous Fortune 500 company operations,” Loftis said.

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