FCP enters Jacksonville market with $29m acquisition

FCP has paid $29.1 million for Townsend Apartments, a 396-unit garden apartment community on Townsend Boulevard in Jacksonville, Fla.

The acquisition of Townsend Apartments marks FCP’s first investment in the Jacksonville market and its 10th Florida investment, including previous multifamily, commercial and mezzanine investments in Orlando, Tampa and Southeast Florida.

“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, FCP associate. “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.”

Townsend Apartments has a total of 13 buildings on both sides of Townsend Boulevard. Apartments are a mix of studio, one-, two- and three-bedroom units. Community amenities include a playground, two clubhouses, two pools, tennis courts, a fitness center, business center, and barbecue and picnic areas.