FCP announces the $33.25 million acquisition of Water’s Edge Apartments at 800 Broward Road in Jacksonville, FL through a joint venture with Springer Capital. The 404-unit apartment community was built in 1974 and consists of one-, two-, and three-bedroom units in a waterfront setting. Water’s Edge marks FCP’s second acquisition in Jacksonville and its second partnership with Springer Capital.
FCP has closed its second Florida acquisition in two weeks, following the company’s investment in Avana Cypress Creek in North Lauderdale, FL.
“We are pleased to be building on our existing relationship with Springer Capital,” said FCP’s Bruce Gago, who heads the firm’s Florida office in a statement. “FCP is excited to expand its Jacksonville footprint with Water’s Edge. We intend to substantially enhance the property through significant capital investments, including curing existing deferred maintenance and enhancing amenities and the resident experience.” The venture has retained Cushman & Wakefield to manage Water’s Edge.
Water’s Edge residents benefit from immediate access to I-95 and are just five minutes from the I-295 Jacksonville beltway. The community is proximate to Jacksonville International Airport, UF Health North Hospital, and various shops and amenities at River City Marketplace. Community amenities include two pools, a playground, and sand volleyball court, and select units with large patios and balconies, river views, and fireplaces.
FCP extends its appreciation to Greg Rainey and Paul Vetter of Berkadia, who facilitated the transaction.
