Jumping to Jacksonville
PrivCap Holdings closed on Beauclerc Bay Apartments, a 106-unit residential apartment community in Jacksonville, FL. The rear portion of the property sits on the bay and had extensive water damage during Hurricane Irma, making 24 units uninhabitable. The property is located on San Jose Boulevard in the Mandarin section of Jacksonville, a desirable suburban area in Jacksonville. The below market price along with the renovations and planned capital improvements create the value-add opportunity that PrivCap seeks for its portfolio. The improvements are already underway as we begin the rebranding process and enhance both the image and performance of the apartment community. This is PrivCap’s first acquisition in the Jacksonville market which has seen tremendous population growth amidst a strong economy and an above national employment rate.