Sentinel Real Estate Nabs Jacksonville Community
The 276-unit property was completed in 2020.
Sentinel Real Estate Corp. has acquired Bainbridge Town Center East from Bainbridge Cos. As part of the acquisition, Sentinel has rebranded the property, located at 5000 Kernan Blvd. S. in Jacksonville, Fla., as Drift at Town Center East.
The 17-acre property includes 10 three-story buildings with floorplans ranging from one- to three-bedroom layouts. All units feature wood-style flooring in kitchens and living rooms, quartz countertops, stainless steel kitchen appliances, washers and dryers, and smart thermostats.
Amenities at Drift at Town Center East include a saltwater swimming pool with poolside cabanas, a poolside lounge area with grills and a fire pit, a 24-hour fitness center, a community lounge, a game room, an outdoor clubroom and lanai, a dog park and pet spa, and an exercise trail.
The 17-acre development is in the heart of Jacksonville’s affluent Southside neighborhood. It sits 14 miles southeast of the city’s downtown core and 10 miles west of the beaches. The community is 1 mile from St. John’s Town Center, a major shopping, dining and entertainment destination.
“(This) was a particularly attractive investment as it was built by a well-known national developer and offers best-in-class unit interiors and community amenities as well as convenient access to downtown Jacksonville and Southside employment centers. We look forward to (creating) value for both our residents and our investors,” Sentinel Real Estate President Michael Streicker, told Multi-Housing News.
Drift at Town Center East is located just off J Turner Butler Boulevard, and provides easy access to interstates 295 and 95, which are a respective 1.5 and 6 miles away.
The Duval County property is also a half-mile from the University of North Florida and just 3 miles from the 18 million-square-foot Deerwood Office Park, where major employers include Bank of America, Johnson & Johnson, Florida Blue and JPMorgan Chase. The Mayo Clinic is located on nearby Beach Boulevard.
According to Yardi Matrix data, Jacksonville had 26 properties with a combined 6,363 units under construction, with another 6,148 units in the planning and permitting stages, as of June.
Northeast Florida has seen considerable population growth and continues to display strong fundamentals in 2021, following consistent rent gains in 2020. As of July, metro Jacksonville saw a 4.6 percent expansion in average rent, according to Yardi Matrix data.