FCP® announces the $33.25 million acquisition of Water’s Edge Apartments at 800 Broward Road in Jacksonville, FL 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.
FCP has closed its second Florida acquisition in two weeks, following the company’s investment in Avana Cypress Creek in North Lauderdale, FL.
“We are pleased to be building on our existing relationship with Springer Capital,” said FCP’s Bruce Gago, who heads the firm’s Florida office. “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 enhancing amenities and the resident experience.” The venture has retained Cushman & Wakefield to manage Water’s Edge.
Water’s Edge residents benefit from immediate access to I-95 and are just five minutes from the I-295 Jacksonville beltway. The community is proximate to Jacksonville International Airport, UF Health North Hospital, and various shops and amenities at River City Marketplace. Community amenities include two pools, a playground, and sand volleyball court, and select units with large patios and balconies, river views, and fireplaces.
FCP extends its appreciation to Greg Rainey and Paul Vetter of Berkadia, who facilitated the transaction.
FCP® is a privately held real estate investment company that has invested in or financed more than $12.4 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.
About Springer Capital
Springer Capital, LLC is a proactive real estate private equity firm focused on the opportunistic acquisition of multifamily properties providing strong, risk-adjusted returns to its investors. With over 40 years of collective experience, Springer’s principals have a proven track record of success and a broad contact base of relationships within the real estate industry. Springer’s principals have been involved with the management and direct investment of over $1.5 billion in real estate assets.