FCP Adds to Florida Portfolio With $29M Buy
- Sep 04, 2019
FCP has purchased Townsend Apartments, a 396-unit garden-style apartment community in Jacksonville, Fla., for $29.1 million.
The property, located at 3450 Townsend Blvd., offers a mix of studio, one-, two- and three-bedroom units spread throughout 13 two- and three-story buildings on both sides of Townsend Boulevard. The property’s amenities include a playground, two clubhouses, two pools, tennis courts, a fitness center, a business center and places to barbecue and picnic.
Drew Schwartz, an associate at FCP, told Multi-Housing News that the company will undertake renovations for the clubhouse and common areas while also improving the amenities.
Schwartz added that the deal was an off-market transaction with the buyer and seller working directly together with no brokers involved. Additionally, the apartment community will benefit from its proximity to St. Johns River and Jacksonville University while being located in one of the strongest rental markets in the state, according to Schwartz.
With a strong economy and job and population growth, rents in Jacksonville rose 5.5 percent last year, according to a Yardi Matrix report, outpacing the national average of a 3.2 percent increase. But the metro area’s average rent remained at $1,076, making it a more affordable option to other locations that are closer to the national average of $1,419.
FCP has already significantly invested into Florida’s multifamily market. In a recent interview, Steve Walsh, chief credit officer & principal at FCP, said the multifamily sector is the easiest due to the steady cash flows and liquidity of the sector.
While Townsend Apartments is FCP’s first investment into the Jacksonville area, the company now owns 10 properties in Florida overall. FCP commands more than 1,100 units in Tampa, Fla., more than 550 units in Orlando, Fla., and a 352-unit multifamily property in Lauderhill, Fla., that they purchased in March 2018 for $28.5 million. FCP also owns a 141,000-square-foot commercial property in Orlando.