PCCP, 360 Communities Land $33M for Jacksonville SFR Buy
JLL secured the CofO acquisition financing.
In its fifth partnership with PCCP, 360 Communities has obtained a $32.8 million Certificate of Occupancy loan for the purchase of Crossroads at Town Center, a 141-unit single-family rental project in Jacksonville, Fla. JLL secured the financing through Greystar.
Lennar is developing the Duval County community that will encompass three-bedroom townhomes with second-floor lofts. The joint venture will acquire the residences as they are completed, with some units already online, and others expected to open within the next few months.
Crossroads at Town Center’s townhomes are slated to feature keyless smart locks, smart-home designs, nine-foot ceilings, fenced-in backyards and screened-in lanais. Community amenities will include a pool with a cabana, dog park, playground and lake, as well as a nature trail.
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Located at 4600 Lusso Lane, the development is roughly 2 miles west of Interstate 295 and 2 miles north of Florida State Road 202, as well as 5 miles east of Interstate 95. Employers such as Baptist Health and Bank of America can be found in downtown Jacksonville, some 10 miles away. The Saint Johns Town Center shopping mall is roughly 1 mile away.
The location is also roughly 8 miles from 360 Communities at Avenues Walk, an 182-unit SFR community developed by PCCP. The project broke ground in 2022, Yardi Matrix shows.
JLL Senior Managing Director Chris Drew, Managing Director Matthew Putterman, Director Kenny Cutler and Analyst Shane Ciacci led the Capital Markets Debt Advisory team that arranged the financing.
SFR steady in Jacksonville’s market
With some 1,830 units under construction and 260 more in planning and permitting stages as of March, Jacksonville’s build-to-rent market represents more than 12 percent of Florida’s BTR supply pipeline, according to Yardi Matrix data.
One of the current developments is a 79-unit community unfolding in the Settlers Landing submarket. ARK Homes For Rent started construction on the project in late 2022 and completion is expected this April.
