FCP and Springer Capital JV announce $33.25m acquisition of Water’s Edge Apartments in Jacksonville

FCP has announced the $33.25 million acquisition of Water’s Edge Apartments at 800 Broward Road in Jacksonville, Fla., through a joint venture with Springer Capital. The 404-unit apartment community was built in 1974 and consists of one-, two- and three-bedroom units in a tranquil, waterfront setting. Water’s Edge marks FCP’s second acquisition in Jacksonville and its second partnership with Springer Capital.

Berkadia facilitated the transaction.

FCP has closed its second Florida acquisition in two weeks, following the company’s investment in Avana Cypress Creek in North Lauderdale, Fla.

“We are pleased to be building on our existing relationship with Springer Capital,” said Bruce Gago, head the Florida office at FCP. “FCP is excited to expand its Jacksonville footprint with Water’s Edge. We intend to substantially enhance the property through significant capital investments, including curing existing deferred maintenance and enhan