Newly Built Jacksonville Community Trades for $54M
- Jan 15, 2019
Integra Land Co. has sold the newly developed Integra River Run, a 300-unit luxury community in Jacksonville, Fla., to EBSCO Income Properties for $54 million, according to public records. Hunt Real Estate Capital originated $36.4 million in Fannie Mae acquisition financing for the buyer. The 12-year loan matures in February 2031.
Integra Land broke ground on the development in late 2016, with Capital Bank providing $26.2 million in construction financing, according to Yardi Matrix. The community opened its doors in mid-2018.
Situated on 17.7 acres at 14050 Integra Drive in the city’s Highlands submarket, the community’s 12 buildings are located between Interstate 95 and U.S. Highway 17, 12 miles north of downtown Jacksonville. RPT Realty’s 905,000-square-foot River City Marketplace outdoor shopping center is a mile south of the asset, home to Walmart and Lowe’s.
Integra River Run contains a mix of one- to three-bedroom units, with floorplans ranging from 705 to 1,385 square feet. Community amenities include a swimming pool, clubhouse, fitness center, gaming room, dog park and business center. As of November 2018, the property was 95.0 percent occupied, per data from Yardi Matrix.
Image courtesy of Yardi Matrix