JACKSONVILLE, FLORIDA (February 20, 2023) – RangeWater Real Estate has closed on its sixth community in the fast-growing city of Jacksonville, Florida, a 28.61-acre property in the San Jose neighborhood, located six miles from downtown Jacksonville. ParkProperty Capital is RangeWater’s equity partner in the development of the multifamily community called The Maggie.
Recently ranked No. 8 among the Top 10 fastest-growing real estate markets in the country in The National Association of Realtors’ 2023 Real Estate Forecast, the submarket highlights include the San Marco and St. John’s retail centers, San Jose Country Club and nearby employers such as CSX, Fidelity, Deutsche Bank, Merrill Lynch, Florida Blue, and Johnson & Johnson Vision fueling the housing demand.
RangeWater’s plans call for a stylish multifamily community with 280 apartments located in the charming San Jose neighborhood that was founded in the early 1900s.
“We’re thrilled to start our sixth development project in Jacksonville, an important market in expanding RangeWater’s investment platform inclusive of the development, acquisition, and management of communities in high-growth cities across the Sun Belt and Mountain West,” said Steven Shores, Chairman and CEO of RangeWater. “Our team’s ability to leverage insights learned across our firm continues to drive us forward and bring opportunities like this to fruition.”
Located at 3730 Dupont Avenue, the 280 apartment flats will feature one- and two-bedroom layouts. RangeWater plans to deliver the development’s first units and clubhouse in late spring 2024.
“We are excited to partner again with such a high-quality developer in RangeWater and grow our footprint into Jacksonville,” said Brendan Whalen, Managing Director of ParkProperty Capital. “This will be our first investment in Jacksonville where we see a lot of opportunity given the continued growth and high quality of life in the metro. This is also the eighth investment through our discretionary fund platform that has invested over $350M in equity over the past two years into similar development opportunities throughout the major markets in the U.S. Sunbelt, so this is an important milestone for ParkProperty Capital on multiple fronts.”
The Maggie will feature a clubhouse with meeting space, a resident’s lounge, and fitness center with cardio, yoga and strength training equipment. The property’s outdoor spaces include an urban garden, social green, modern swimming pool with a deck and grilling area, a dog park and fountains.
This is RangeWater’s sixth development in the Jacksonville area, with others including The Brooklyn Riverside, Olea at Nocatee, Cadence at Nocatee, Olea eTown, and Olea Beach Haven. Currently under construction, Olea eTown and Olea Beach Haven are slated for completion and delivery later this year. The firm’s Olea brand represents RangeWater’s age-targeted, 55 and older communities, purposefully designed for empty nesters looking to lead an active and social lifestyle in a multifamily environment.
“Our experienced team acquired this one-of-a-kind property from the Skinner family, the long-time landowners in the historic San Jose neighborhood,” said RangeWater’s Managing Director of Development, Michael Oliver. “This location in the San Jose neighborhood is a fantastic addition to our local portfolio of communities. We look forward to enhancing the intrinsic value of this charming community and enriching the lives of our residents who will call The Maggie home.”
Privately owned RangeWater was founded in 2006. The company acquires, develops, manages and invests in multifamily communities across 12 states throughout the Southeastern and Southwestern United States, representing more than $6.62 billion in total capitalization.
About RangeWater Real Estate
RangeWater leads the rental housing industry by leveraging the insights learned across its unique Development, Property Management, Acquisitions, and Investment Management platform to benefit clients, partners, and residents throughout the Sun Belt and Mountain West. The Atlanta-based firm’s entrepreneurial approach and focus on collaboration has led to the development and acquisition of nearly 35,000 rental housing units since its inception in 2006 representing more than $6.62 billion in total capitalization. RangeWater blends local market knowledge and subject matter expertise to create places and experiences that redefine community, currently managing a portfolio of nearly 100,000 multifamily units across 12 states. With offices in Atlanta, Dallas, Denver and Tampa, RangeWater targets high job growth markets with demand for new housing. For more information, visit LiveRangeWater.com.
About ParkProperty Capital
ParkProperty Capital (“PPC”) is a multifamily real estate investment firm backed by members of the Otto Family, a high-net-worth German family with over 55 years of global real estate investment experience. PPC is focused on investing in joint-venture development as well as value-add, core-plus, and core acquisitions, which may be acquired directly or with best-in-class local sponsors, throughout the US Sunbelt, Seattle, and Boston. PPC invests in multifamily real estate through a series of discretionary funds and the family balance sheet. Its US investment operations and portfolio management are based in Atlanta, GA, where it manages a rapidly growing portfolio of approximately 4,500 units, with a fund management presence in Hamburg, Germany. For more information, visit parkpropertycapital.com.