PCCP, LLC AND THE BAINBRIDGE COMPANIES JOINT VENTURE TO DEVELOP BAINBRIDGE ST. JOHNS TOWN CENTER, A 276-UNIT MULTIFAMILY COMMUNITY IN JACKSONVILLE, FLORIDA
Jacksonville, FL, October 3, 2018 – PCCP, LLC announced today that its joint venture with The Bainbridge Companies will develop Bainbridge St. Johns Town Center, a 276-unit Class A multifamily community on 17.3 acres of land recently acquired in Jacksonville, FL. This marks PCCP’s first transaction with Bainbridge, an experienced, full-service real estate company that develops, owns, and manages luxury multifamily apartment communities across the eastern U.S.
Bainbridge St. Johns Town Center, on a wooded site with a four-acre lake and an adjacent golf course and nature trail, will comprise 276 market-rate apartment units across 10, three-story buildings, offering 102 one-bedroom units, 138 two-bedroom units, and 36 three-bedroom units with 442 surface parking spaces and 36 detached garages. The property will feature top-of-the-market finishes. Bainbridge St. Johns Town Center is immediately south of the expanding University of North Florida, and approximately one mile from St. Johns Town Center, an open-air center with more than 175 high-end retailers, restaurants, coffee shops, grocers and other lifestyle amenities.
“PCCP believes this well-located multifamily investment represents an ideal opportunity to develop a quality product in an area that is experiencing strengthening household, demographic, and employment trends. Our partner, The Bainbridge Companies has extensive experience building similar product in the state of Florida and we are pleased to enter into our first venture with them,” said Rob Stofer, vice president with PCCP.
Bainbridge St. Johns Town Center is located in southeast Jacksonville in the Southside submarket, approximately 13 miles outside of downtown Jacksonville. More than 50,000 people reside within a three-mile radius of the property, 88 percent of them college-educated. The area has experienced 11.9 percent population growth from 2010 to 2018, and is projected to grow an additional 6.9 percent through 2023. Forbes ranked Jacksonville the “#1 Hottest Real Estate Market to Watch” in 2017, due to the city’s strong fundamentals. Jacksonville serves as the economic driver and cultural center for the seven-county Northeast Florida region. Its intermodal infrastructure and tax incentives make it one of the easiest and most inexpensive places to conduct business.