EJF Capital and Chance Partners have acquired a 284-unit multifamily housing community under development in the San Marco neighborhood of Jacksonville, Fla.
The project, known as San Marco Promenade, is expected to be completed in the third quarter of 2020 in an area certified as an opportunity zone under the Tax Cuts and Jobs Act of 2017.
EJF OpZone Fund I and Chance Partners acquired the project from a majority-owned joint venture of the Carlyle Group. Additional financial details regarding the transaction were not disclosed.
This is the second project EJF and Chance Partners have embarked upon in the San Marco neighborhood. Last year, the companies announced the development of a two-building, 486-unit multifamily housing community called San Marco Crossing in the historic neighborhood.
“We are thrilled to partner again with Chance Partners on the acquisition of San Marco Promenade,” said Neal Wilson, EJF co-CEO. “This project will benefit the S
