Value-Add Acquisition

Terraces at Town Center

Jacksonville, Florida

Property Overview

 

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.

Investment Overview

 

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.
Location
Jacksonville, Florida
Property Type
Luxury Suburban, Garden Style Apartments
Project Type
Value-Add
Year Built
2013
# of Units
240
Date Acquired
October 2022

Investment Rationale

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.
StoneRiver Company Capital Projects