Rendering of avenues through 360 communities. Image from PCCP LLC
PCCP LLC has entered into a joint venture with Freehold Capital Management’s 360 Communities subsidiary to create a new rental community in Jacksonville, Florida.
Avenues by 360 Communities will be a single-family house community with 180 residential units. The two- and three-bedroom townhouse property, ranging in size from 1,200 to 1,500 square feet, will span 70 acres in Southside Jacksonville, an urban enclave 13 miles southeast of downtown.
Residences features and finishes include luxurious vinyl plank floors, 9-foot ceilings, stainless steel appliances, quartz countertops, and USB charging ports. An “entertainment cabana building” will be among the more notable amenities.
“Putting the deal together has been a tremendous effort from all sides of the deal,” PCCP analyst Andrew Barbakoff told Multi-Housing News. “Our company PCCP-360 Communities used our strong, existing relationship to keep everything moving.”
Avenues owned by 360 communities are adjacent to Interstate 95-Route 1-Interstate 293. Southside Jacksonville has a population of just over 3,700 and is also known for a significant office market. The job center has more than 17 million square meters of office space and offers more than 44,000 jobs.
Major employers include Bank of America, Merrill Lynch, Florida Blue, JP Morgan, Deutsche Bank, Johnson & Johnson, McKesson, Web.com and Fidelity Investments.
In addition, Southside Jacksonville has two major retail centers, the indoor Avenues Mall and the 1.1 million square meter, open-air lifestyle center St. Johns Town Center. Riverside activities and historical sites are also offered in the enclave.
“BFR is a rapidly growing asset class and we liked its unique infill location with proximity to multiple employment centers in the Southside submarket of Jacksonville,” said Barbakoff. Last month, a Jacksonville shared flat changed hands for $ 14.5 million.