PCCP LLC has entered into a joint venture with Freehold Capital Management affiliate 360 Communities to develop a new rental community in Jacksonville, Fla.
Avenues by 360 Communities will be a 180-unit, single-family rental townhome community. The property, featuring two- and three-bedroom townhomes ranging in size from 1,200 to 1,500 square feet, will sprawl across a 70-acre parcel in Southside Jacksonville, an urban enclave 13 miles southeast of the city’s downtown district.
Features and finishes of residences include luxury vinyl plank flooring, 9-foot ceilings, stainless steel appliances, quartz countertops and USB charge ports. An “entertainment cabana building” will be among the more notable amenities.
“Putting the deal together was a big effort from all sides of the transaction,” PCCP analyst Andrew Barbakoff told Multi-Housing News. “Our PCCP-360 Communities venture leveraged our strong, existing relationship to keep everything moving forward.”
Avenues by 360 Communities will be located adjacent to the Interstate 95-Route 1-Interstate 293 interchange. Home to a population of just over 3,700 people, Southside Jacksonville is also known for a significant office market. That job center features more than 17 million square feet of office space and offers more than 44,000 jobs.
Major employers include Bank of America, Merrill Lynch, Florida Blue, JP Morgan, Deutsche Bank, Johnson & Johnson, McKesson, Web.com and Fidelity Investments.
In addition, Southside Jacksonville has two major retail centers, the indoor Avenues Mall and the 1.1 million-square-foot, open-air lifestyle center St. Johns Town Center. Also offered in the enclave are riverfront outdoor activities and historical attractions.
”BFR is a rapidly-growing asset class and we liked the one-of-a-kind, infill location with proximity to several employment centers in Jacksonville’s Southside submarket,” Barbakoff said. Last month, a Jacksonville apartment community changed hands for a selling price of $14.5 million.