Praedium Group Snags $57M FL Asset

The company acquired the 300-unit Views at Harbortown in Jacksonville, Fla., which features one-, two- and three-bedroom floorplans ranging from 713 to 1,570 square feet.
The Views at Harbortown

The Views at Harbortown

After purchasing Park Place at Maguire in Orlando for $49.5 million last month, The Praedium Group recently acquired The Views at Harbortown in Jacksonville, Fla. The company bought the community from Fairfield Residential for $57.3 million. 

“The Views at Harbortown is a high-quality asset that offers residents access to the privately owned Harbortown Marina and the Intracoastal Waterway, an amenity uniquely relative to a competitive set of properties,” said Chris Hughes, principal of The Praedium Group. 

Located at 14030 Atlantic Blvd., the 300-unit community features one-, two- and three-bedroom floorplans ranging from 713 to 1,570 square feet. Built in 2015, the pet friendly Views at Harbortown include three, four-story buildings that are currently 93 percent occupied, according to Yardi Matrix. Interior features include washer/dryers, vaulted ceilings, under mount sinks, private balcony/patios, crown molding, custom cabinets and granite countertops, custom lighting, energy efficient double-paned windows, pantries, kitchen islands and breakfast bars, ceiling fans, oversized walk-in closets, plank flooring and carpeting, stainless-steel appliances, track lighting, tiled floors in bathrooms, soaking tubs and built-ins.

Residents have access to amenities such as an athletic club with separate spin and yoga room; bike racks; boat slips; direct access to the marina; a clubroom with kitchen, dining room, lounge areas, billiards and flat-screen televisions; a business center; picnic areas with gas barbecue grills; recycling center; sundeck with Wi-Fi; two resort-style swimming pools with cabanas; wellbeats Virtual Training System; and Wi-Fi cyber lounge. 

Jumping Jacksonville

Jacksonville achieved a 3.7 percent year-over-year change in total non-farm jobs, doubling the national average, according to the Bureau of Labor Statistics’ March 2017 report. AXIOMetrics expects this job growth to continue, foreseeing an increase of another 13.3 percent in the next five years. Forbes projects a 2017 wage growth of 7.8 percent in Jacksonville. 

“REIS expects Jacksonville’s population to grow by 9.6 percent over the next five years, compared to the national average of 5.1 percent. This growth is driven by Jacksonville’s influx of jobs, affordability, and attractive quality of live,” said Lindsay Schuckman, associate at The Praedium Group. 

Image courtesy of The Views at Harbortown