Laramar Group Purchases 616-Unit Multifamily Property in Jacksonville, FL
02 November, 2020
The Laramar Group, a leading national real estate investment and property management company, has acquired a 616-unit apartment community at 9803 Creekfront Rd. in Jacksonville, FL. The community is located on a 65.3-acre site in one of North Florida’s strongest economic growth markets.
Laramar purchased the property as a value-add opportunity and has begun a strategic rebranding and renovation program to enhance the property’s visibility and position in the marketplace.
“Jacksonville is an attractive multifamily market due to its strong demographics, diverse workforce, and growing concentration of employers in the financial, healthcare, manufacturing and logistics sectors,” said Matthew Kreikemeier, Director of Acquisitions for Laramar. “This property was an ideal acquisition for Laramar, given its strong location and rental history, wide array of amenities, and the potential for future growth.”
Developed in 1986, the Creekfront at Deerwood community consists of 108 residential buildings totaling 644,076 sf. The property is within minutes of the Deerwood Office Park, Jacksonville’s largest suburban employment hub. It also offers proximity to St. Johns Town Center, with 2.5 msf of retail space; the University of North Florida; a Mayo clinic location; and St. Vincent’s Medical Center.
The property includes many resident amenities, including five swimming pools, a 3,500-sf fitness center, a theatre room, a new community center, extensive outdoor community spaces and a secondary office building. There are 15 floor plans with a mix of one-, two-, and three-bedroom units and townhomes. Units features include granite countertops, fireplaces, attached garage, screened porches with storage and in-unit washer and dryer.
Laramar’s value-add program will extend the enhancements property-wide, including exterior modifications to boost the property’s curb appeal; interior upgrades to select units; and common area improvements to create a more contemporary living environment. The community will also be connected with Smart-Home technology to provide residents with a unique living experience.
Jacksonville is one of the fastest growing cities in Florida, with approximately 900,000 residents and a diverse employment base. The property offers residents easy access to I-95 and I-295 and is just two miles east of downtown Jacksonville and Jacksonville International Airport.