Praedium Group Expands Jacksonville Footprint
The firm has almost doubled its profile in the city with the nearly $47 million acquisition of the 246-unit luxury community.
The Praedium Group has paid $46.7 million for The Point at Town Center, a 246-unit luxury multifamily asset in Jacksonville, Fla., according to Yardi Matrix. This marks the firm’s second acquisition in the market, following the $57 million acquisition of a 300-unit community in August 2017.
Walker & Dunlop provided a $30.4 million Fannie Mae acquisition loan to the buyer. The seller, Block One Ventures, developed the asset, which opened its doors in May 2018. The developer had funded the construction with a $23.2 million loan from Ameris Bank.
Located at 5116 Gate Parkway in Jacksonville’s Deerwood Club East submarket, the community is within 2 miles of Interstate 295’s intersection with J. Turner Butler Boulevard. Close to the St. Johns Town Center retail asset, numerous shopping and dining options are in the immediate area.
The Point at Town Center contains a mix of studio, one- and two-bedroom units, with apartments ranging from 580 to 1,325 square feet. Amenities include a 24-hour fitness center, a swimming pool, a coffee bar and roughly 400 parking spaces. As of October, the asset was 88.6 percent occupied, per Yardi Matrix data.
Image courtesy of Yardi Matrix