Rich Properties Nabs FL Development

By Laura Calugar

Rendering of Ibis Pointe in Jacksonville, Fla.

Colliers International Northeast Florida has brokered the $3.5 million sale of a 28-acre land parcel in Jacksonville, Fla., on behalf of Rich Properties Inc. The vacant land will be used for the construction of Ibis Pointe, a 378-unit apartment community in the Oakwood Villa submarket. Indigo Jax Apartments was the seller in this transaction. Colliers International Northeast Florida Director Bradley Coe, Managing Director Douglas Blair and Associate Director Morgan Williams of Multifamily Investment Services represented both the buyer and the seller.

Located at 1901 Lone Star Road, on the west side of the Southside Connector and Tredinick Parkway intersection, Ibis Pointe will be close to the Jacksonville Executive at Craig Airport. The unit mix will consist of 108 one-, 222 two- and 48 three-bedroom apartments, spread across 20 two- and three-story buildings. The community will feature:  

• clubhouse
• swimming pool
• tennis court
• soccer field
• toddler lot
• dog walk
• 54 garages

“The purchasing entity is a vertically integrated private company that specializes in developing, building and managing apartment communities. They presently own a portfolio of over 3,000 units located throughout Florida. The Ibis Pointe development should perform very well relative to unit absorption velocity due to the fact that Ibis Pointe will be the first apartment community delivered in that sector of the submarket since 2006,” said Coe, in a prepared statement.

Most recently, Colliers’ Boston Capital Markets Group arranged the joint venture equity and construction financing for the development of a 286-unit luxury community in the Greater Boston area.

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Rendering courtesy of Colliers International