Madison Communities Continues Florida Expansion
This is the developer's first project in Jacksonville, part of a larger expansion in the southeastern U.S.
Madison Communities has opened Madison Fountains, a 276-unit apartment community located in St. Johns County, Fla., near Jacksonville. Construction began in 2022.
According to Yardi Matrix, the developer had previously secured a $50.3 million construction loan from Citizens Financial Group in 2022. Financing for the project was facilitated by Patterson Real Estate Advisory Group. Madison Community developed the community with Benco Construction, their affiliate general contractor.
Madison Fountains spans three four-story buildings housing studio one-, two- and three-bedroom apartments with stainless steel appliances and granite countertops, alongside private patios and balconies. According to RentCafe, asking rents begin at $1,351 and apartment sizes range between 708 and 1,363 square feet.
Community amenities include fitness center, clubhouse, swimming pool, an on-site dog park and grilling stations.
Located at 75 Teigan Trail, Madison Foundation is right off I-95 and County Road 210, adjacent to Ascension St. Vincent’s Hospital. Downtown Jacksonville is approximately 23 miles away.
Madison Communities coming to the Sun Belt
Delivering Madison Fountains to St. John’s is a part of Madison Communities’ larger efforts toward expanding into Florida and other Sun Belt markets. Currently, the development firm has 14 other projects underway throughout the southern U.S.
Earlier in the month, the development firm opened Madison Grove, its latest community in Orlando. The 292-unit luxury community has floorplans similar to Madison Fountains.
Demand in Jacksonville leads to high deliveries
The last couple of years have remained steady for the Jacksonville multifamily market as more properties came online. Throughout 2024 the area saw 7,679 units delivered, bringing the highest influx of supply the area has seen in a decade, as shown by the latest Yardi Matrix report.
The same data also shows that asking rents were down 1.7 percent year-over year, while the national average increased by 1.2 percent. Demand remains strong for apartments in the area, as 11,000 units are still under construction. In 2024, investments in the Jacksonville totaled $709 million.
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Thompson Thrift is expanding their portfolio in Jacksonville. Earlier this year, the company was gearing up to break ground on Velara, a 312-unit community located in Ponte Verda’s Nocatee master-planned mixed-use district. Velara will be situated on 12.5 acres and feature studio, one-, two- and three-bedroom floor plans. Thompson Thrift the new property in summer 2026.
