The Praedium Group Acquires 300-Unit Multifamily Community in Jacksonville for $57M
JACKSONVILLE, FLA. — The Praedium Group has acquired The Views at Harbortown, a 300-unit multifamily community located in Jacksonville, for $57 million.
The property was built in 2015, offering a mix of one-, two- and three-bedroom units with kitchen islands, walk-in closets, granite countertops and in-unit washers and dryers.
Community amenities include a clubhouse with lounge areas and a billiard room; sundeck with wi-fi; two resort-style swimming pools with cabanas; a cyber lounge and business center; fitness center; WellBeats virtual training system; bike rack; and picnic areas with grills.
The community also offers three boat slips for residents, and access to the privately owned Harbortown Marina and the Intracoastal Waterway. The seller in the transaction was undisclosed.
The Praedium Group notes that Jacksonville achieved 3.7 percent year-over-year growth in nonfarm jobs — per the Bureau of Labor Statistic’s report from March of this year — doubling the national average.
“Reis expects Jacksonville’s population to grow by 9.6 percent over the next five years, compared to the national average of 5.1 percent,” says Lindsay Schuckman, associate of The Praedium Group. “This growth is driven by Jacksonville’s influx of jobs, affordability and attractive quality of life.”
The Praedium Group is a privately held real estate investment firm focusing on under-performing and undervalued assets throughout the United States. The New York City-based firm has completed over 360 transactions representing $10 billion in capital since inception.
— Katie Sloan