FCP, Springer Capital Acquire Water's Edge Apartments In Jacksonville For $33.25M

FCP, in collaboration with Springer Capital, has purchased Water's Edge Apartments in Jacksonville, Florida for $33.25 million. The property is a multifamily asset consisting of 404 units, with an average price per unit of $82,302. Located at 800 Broward Road, the property is situated in the Jacksonville market.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $33,250,000
• Units: 404
• Average Price Per Unit: $82,302
• Address: 800 Broward Road, Jacksonville
• Market: Jacksonville

Greg Rainey and Paul Vetter from Berkadia represented the buyer, FCP - Bruce Gago, and Springer Capital in this transaction. This marks FCP's second investment in Jacksonville. The acquisition of Water's Edge Apartments represents an opportunity for FCP to make significant improvements to the property.