RangeWater to Develop Jacksonville Asset
This is the developer's sixth project in the market.
RangeWater Real Estate has closed on The Maggie, a 280-unit multifamily community in the San Jose neighborhood of Jacksonville, Fla., with ParkProperty Capital as its equity partner.
The property’s first units are expected to be delivered by late spring 2024. This is the developer’s sixth project in the metro, the most recent one being a 192-unit senior housing property.
The Maggie will incorporate one- and two-bedroom layouts. Community amenities will include a clubhouse, resident lounge and fully equipped fitness center. The property will also feature outdoor recreational spaces such as an urban garden, swimming pool, dog park and grilling areas.
A desirable Florida market
RangeWater Chairman & CEO Steven Shores emphasized in prepared remarks the importance of the Jacksonville market for the company’s strategy of developing and acquiring communities in high-growth metros across the Sun Belt and Mountain West. Managing Director of Development Michael Oliver added that the site was purchased from the Skinner family, a long-time landowner in the area. Managing Director of ParkProperty Capital Brendan Whalen stated that this is the company’s first investment in Jacksonville, and its eighth through its discretionary fund which invested more than $350 million in equity over the last two years.
Located at 3730 Dupont Ave., the roughly 29-acre site is near Interstate 95, placing it about 7 miles from downtown Jacksonville and providing access to large employers in the area such as CSX and Deutsche Bank, both operating less than 7 miles from the property. Within walking range of the community, there are multiple retail and dining options.