A joint venture of PCCP and Shelton McNally Real Estate Partners has acquired a 16.7-acre site for the development of Novo Kendall Town, a fully entitled, 300-unit class A apartment community in the Arlington submarket of Jacksonville, Fla.
Construction commenced this month, with the first units set to deliver in early 2022 and project completion anticipated for the fall of 2022.
“PCCP is pleased to partner with Shelton McNally, an experienced multifamily development firm,” said Kevin Chin, senior vice president with PCCP. “Novo Kendall Town is well located in the center of the Arlington submarket, a high-barrier-to-entry area that hasn’t seen new class A apartment inventory for a number of years. This project is anticipated to attract young professionals seeking a quality, amenity-rich rental community near their place of employment.”
The greater Jacksonville market has experienced outsized employment and population growth twice the national average s
