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FCP Acquires 404-Unit Jacksonville Multifamily for $33.25M
FCP has acquired Waters Edge Apartments in Jacksonville for $33.25 million through a joint venture with Springer Capital. The 404-unit community at 800 Broward Road was built in 1974. It consists of one-, two-, and three-bedroom units and is the second FCP acquisition in two weeks in the Jacksonville market. Greg Rainey and Paul Vetter of Berkadia facilitated the transaction.
“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. “FCP is excited to expand its Jacksonville footprint with Waters 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 Waters Edge, which offers amenities including two pools, a playground, sand volleyball court and select units with patios and balconies, river views and fireplaces.
- ◦Sale/Acquisition
