Terraces at Town Center Apartments offers one- and two-bedroom apartment homes with open layouts offering space to gather and socialize, full-size washers and dryers, screened-in patios or balconies, walk-in closets, stainless steel appliances, LED lighting throughout, and espresso cabinets with wood-inspired flooring throughout with plush carpeting in the bedrooms. Community amenities include a 24-hour fitness center, a resort-style swimming pool, a dog park, a dog wash station, an outdoor grilling area with gas grills, package lockers, and valet trash services.
Fund II acquired Terraces at Town Center in October 2022 as its fourth investment. Terraces at Town Center is located in the heart of Jacksonville’s Southside submarket, which includes St. John’s Town Center and its upscale shopping and dining. StoneRiver plans to leverage Jacksonville’s recent population growth and corporate expansions to drive renter demand to Terraces at Town Center. StoneRiver’s business plan includes interior and exterior improvements to further push rents and boost property performance.
Luxury Suburban, Garden Style Apartments
# of Units
Value-Add Improvements – StoneRiver’s business plan includes improvements to interior units by the addition of granite countertops in the kitchens/bathrooms, upgrades to stainless steel appliances and installation of new lighting kits and vinyl flooring, and enhancing exteriors by roof replacements, the addition of private pet yards and improvements to the property landscaping.
Incredible Location – Terraces at Town Center is located a few miles from St. John’s Town Center and its upscale dining and retail options. There are major employers located near the property, including Bank of America, Florida Blue, JPMorgan Chase, and the University of North Florida.
Solid Multifamily Fundamentals – Jacksonville is the largest city in Florida, achieving a 19.34% increase in population from 2010 to 2020. The City’s attractive quality of life, relatively low cost of living, diversified economy, and rapid job growth continue to drive migration to the region and increase the pool of potential renters at Terraces at Town Center.
The views, opinions, and assumptions expressed on this website are subject to change without notice, may not come to pass, and do not represent a recommendation or offer of any particular security, strategy, or investment. This website is not intended to be, nor shall it be construed as, investment advice or a recommendation of any kind. No representation or guarantee is being made that an investor will or is likely to achieve any results shown on this website, make any profit at all, or not suffer losses, from any future investment sponsored by StoneRiver. Past performance is not indicative of future results. It should not be assumed that investments made by the Fund will equal the performance of previous StoneRiver funds or investments or be profitable. Sources of Information: Certain information and data contained herein are based on or derived from information provided by independent third-party sources. StoneRiver believes that such information is accurate and that the sources from which it has been obtained are reliable; however, it cannot guarantee the accuracy of such information and has not independently verified the accuracy or completeness of such information or the assumptions on which such information is based.