September 9, 2019
Privately-held real estate investment company FCP has acquired Townsend Apartments, a 396-unit garden-style apartment community in Jacksonville, for $29 million. The acquisition marks Maryland-based FCP’s first investment in the Jacksonville market and 10th investment in Florida.
The community consists of 13 buildings with a unit mix of studio, one-, two- and three-bedroom units. Community amenities include a playground, two clubhouses, two pools, tennis courts and a fitness center.
“The Townsend Apartments deal was sourced as an off-market transaction and provides FCP with a great opportunity to grow our portfolio of moderately priced apartments,” said Drew Schwartz, associate at FCP. “This community is well-located near the St. Johns River and Jacksonville University, close to downtown employment centers, and benefits from one of the strongest rental markets in the state as a result of strong job and population growth.”
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