Lake Water Adult Community 210 Home BFR investment Opportunity Jacksonville FL
Listing was updated at: 06/04/2019
Property Overview
Price/Rent PSF $ 47,850,000.00
Asset Type Multifamily
Trade Type Sale
SQ. FT. Available 323,318
Date Available 06/04/2019
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Description

Location
Jacksonville is the largest metro area by landmass in the US, harboring a significantly large regional business center, as well as museums and diverse cultural offerings. Jacksonville is tied together by bridges, crossing rivers to unite residents in the downtown area with the nearby beaches. In addition, residents of Jacksonville can enjoy swimming and surfing, as barrier island beaches are within close proximity.

US News and World Report named Jacksonville as one of the top 50 Best Places to Live in the USA in 2017, supported by the active lifestyle and amenities offered all residents from fishing, boating, beaches, museums, a renowned Symphony, biking, tennis, and world-class golf courses headed by the TPC in Ponte Vedra Beach, the home of the Players Tournament. The mild year-round weather makes for an ideal location to enjoy and experience these amenities.

Florida is widely known as the Sunshine State, but it is also well-known for its business-friendly environment offering low corporate income tax rates and no personal income tax. Low taxes combined with a lower cost of living than other metro areas contribute to these rankings.

The state's proximity to the ocean influences many aspects of Florida culture and daily life. Tourism is one of the largest sectors of the state economy, pulling in nearly 1.4 million employees in 2016. Tourism, manufacturing, construction, international banking, biomedical and life sciences, healthcare research, simulation training, aerospace and defense, and commercial space travel have contributed to the state’s economic development. Florida’s GDP in 2016 was $216 billion- making it the fourth largest economy in the United States.



Sale
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This Build for Rent (BFR) investment portfolio allows a buyer the opportunity to work with a qualified and experienced developer to acquire 210 Build for Rent (BFR) homes (105 townhome duplexes). The community is located in the southeast section of Duval County (Jacksonville, FL), in the Mandarin submarket. Lake Water Community will be developed as an active adult, 55+ community with some recreational facilities. This active adult model is ideally suited for the popular Mandarin market, with active adult communities proven to be highly popular across the Jacksonville MSA in complementary areas such as Baymeadows Road.

Mandarin is located on the eastern banks of the St Johns River, was founded in 1830 by Calvin Reed, a prominent area resident, and was named after the Mandarin Orange as it was a small farming village shipping oranges, grapefruit, lemons and other vegetables to Jacksonville and other points north on the St Johns River. Once called a “tropical paradise” by Harriet Beecher Stowe, today Mandarin is marked by its history, ancient oak trees draped with Spanish Moss, beautiful parks, and more water views of the St Johns River than any other area in Jacksonville. It is a vibrant residential, retail, and commercial community today with convenient access for its residents to the downtown CBD, the Butler Business Corridor, as well as short drives to St Augustine and the numerous beaches along the east side of Jacksonville.

Jacksonville, home to numerous Fortune 500 headquarters with thriving business startups and small business growth, is growing twice as fast as the rest of the nation and is ranked #7 Best City for job seekers by Money Magazine. Supported by a pro-business government, Jax has proven to be a City that inspires residents to innovate and encourages ideas to become realities. Home to some of the top medical companies and healthcare providers in the country, it is the home to the Mayo Clinic and Hospital, which has continued to invest and expand its facilities in Jax, recently announcing a $125 million expansion of its world-class neurological and transplant programs.

This community will offer 210 duplex homes. There will be four floorplans offered. All homes will be 3-bedroom and 2-bathroom homes. The homes will be 1,435, 1,483, 1,615 and 1,626 square feet. Lake Water Adult Community is a 55+ community located in Jacksonville, Florida. The residential community will be part of a 200-acre development, including a multi-use recreational facility and park.

Mandarin is located on the eastern banks of the St Johns River, was founded in 1830 by Calvin Reed, a prominent area resident, and was named after the Mandarin Orange as it was a small farming village shipping oranges, grapefruit, lemons and other vegetables to Jacksonville and other points north on the St Johns River. Once called a “tropical paradise” by Harriet Beecher Stowe, today Mandarin is marked by its history, ancient oak trees draped with Spanish Moss, beautiful parks, and more water views of the St Johns River than any other area in Jacksonville. It is a vibrant residential, retail, and commercial community today with convenient access for its residents to the downtown CBD, the Butler Business Corridor, as well as short drives to St Augustine and the numerous beaches along the east side of Jacksonville.

Jacksonville, home to numerous Fortune 500 headquarters with thriving business startups and small business growth, is growing twice as fast as the rest of the nation and is ranked #7 Best City for job seekers by Money Magazine. Supported by a pro-business government, Jax has proven to be a City that inspires residents to innovate and encourages ideas to become realities. Home to some of the top medical companies and healthcare providers in the country, it is the home to the Mayo Clinic and Hospital, which has continued to invest and expand its facilities in Jax, recently announcing a $125 million expansion of its world-class neurological and transplant programs.

This community will offer 210 duplex homes. There will be two-floor plans offered. Both models will be 3-bedroom and 2-bathroom homes. The smaller home will be 1,435 square feet and the larger home will be 1,615 square feet. Lake Water Adult Community is a 55+ community located in Jacksonville, Florida. The residential community will be part of a 200-acre development, including a multi-use recreational facility and park.

Location