FCP has acquired the 404-unit Waters Edge Apartments in Jacksonville for $33.25 million through a joint venture with Springer Capital. Located at 800 Broward Road, the community was built in 1974 and consists of one-, two-, and three-bedroom units. This marks FCP’s second acquisition within two weeks in the Jacksonville market. Greg Rainey and Paul Vetter of Berkadia facilitated this transaction.
Bruce Gago, who heads FCP’s Florida office, commented on their relationship with Springer Capital: “We are pleased to be building on our existing partnership as we expand our presence into Jacksonville with Waters Edge.” He added that substantial capital investments will be made to improve amenities and resident experience by curing existing deferred maintenance issues at the property.
Waters Edge offers residents several amenities including two pools, a playground, sand volleyball court plus select units featuring patios/balconies river views or fireplaces for additional comfortability . The venture has also retained Cushman & Wakefield to manage operations going forward .
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