Morgan Group Constructing 240-Unit Class-A Jacksonville Property
The Morgan Group, a Houston-based multifamily developer and property management firm, has begun construction on a 240-unit Class-A apartment community located in the Southside/JTB growth corridor in Jacksonville, Fla.
By Keith Loria, Contributing Writer
Jacksonville, Fla.—The Morgan Group, a Houston-based multifamily developer and property management firm, has begun construction on a 240-unit Class-A apartment community located in the Southside/JTB growth corridor in Jacksonville, Fla.
When completed, the Terrace at Town Center will be a three-story, garden style property that will be situated on 11.72 acres. The community will be a mix of one- and two-bedroom units, averaging 953 square feet.
“We like to find suburban cities that are growing, close to employment and entertainment centers,” Mike Morgan, Morgan Group’s Chairman and CEO, tells MHN. “We are very active in Florida with developments in Ft. Lauderdale, Miami and Orlando, so Jacksonville rounds it out. We are bullish on the area.”
Terrace at Town Center will include a resort-style swimming pool with grilling stations, a dog park, state-of-the-art fitness center, Internet cafe, demo kitchen and resident room.
“All will be Class-A units with hardwood floors, granite countertops and state-of-the-art appliances,” Morgan says. “They will have nine-foot ceilings and are all luxurious family homes.”
This is phase II in the company’s development plan in Jacksonville, after opening the Arelia property next door, which it also manages and jointly owns.
“Phase one did very well for us and when the economy started to pick up, we were excited to build phase II as Jacksonville is the place to be,” Morgan says. “The biggest draw is that is has a lot of employment and office space. Also exciting is the big town center that has high-end department stores and restaurants.”
Arelia has had a successful lease-up, reaching 93 percent occupancy in just 10 months after it opened in August 2009.
“We expect the same success with The Terrace at Town Center because of its proximity to one of Jacksonville’s largest employment areas, as well as shopping, dining and entertainment within walking distance at St. John’s Town Center,” Morgan says.
The Morgan Group will serve as the Terrace at Town Center’s management company once the project welcomes its first residents, which is expected in January 2013.
Since 1988, The Morgan Group has developed more than 15,000 units at a cost of more than $1.7 billion. More than 1,500 units are in the planning or construction stages in Texas and Florida.