Newly constructed multi-family complex trades in Saint Augustine
JLL Capital Markets arranges sale of Exchange at St. Augustine in one of Florida's fastest-growing counties
JACKSONVILLE, Nov. 13, 2024 – JLL Capital Markets announced today that it has secured the successful trade of Exchange at St. Augustine, a 312-unit, garden-style multi-housing community located in Saint Augustine, Florida.
JLL worked on behalf of the seller. Exchange at St. Augustine was sold by Varden Capital Properties (VCP) and developed by VCP and Tellus Partners. The buyer was TriBridge Residential.
Located at 250 Moultrie Landing Blvd., in one of Jacksonville MSA's most sought-after suburban locations, this prime community benefits from St. Johns County's remarkable growth. The county has experienced substantial population increase, growing by approximately 40% between 2010 and 2020, making it one of the fastest-growing counties in Florida and the U.S. As of 2024, St. Johns County's population is estimated at 333,148, a 74.18% increase from the 2010 Census, which has driven significant economic activity and development in the area.
Exchange at St. Augustine, completed in 2023, is a three-story, garden-style multifamily property. The property's strong market demand is evident in its rapid leasing progress; it was awarded at 39% leased and closed at 69% leased, demonstrating significant tenant interest in this new development. The property boasts a best-in-class amenity set including state of the art fitness facility, resort-style pool, walking paths, a parcel locker room as well as being ideally situated mere minutes from St. Augustine Beach and downtown St Augustine.
“We are actively pursuing new development acquisitions across the Southeast but were particularly glad to acquire in Jacksonville, where we have a long history of investing and currently own five build-to-core developments we built,” said Andy Green, Managing Partner at TriBridge.
JLL Capital Market’s Investment and Sales Advisory team was led by Managing Directors Cliff Taylor and Joe Ayers, Directors Ryan Hixon and Tucker Brooks and Associate Mike Scott.
"The sale of Exchange at St. Augustine underscores the robust demand for newly constructed multifamily assets in Florida's rapidly growing markets. We witnessed keen interest from a diverse range of investors, attracted by St. Johns County's impressive population growth and the property's strong leasing momentum. This transaction highlights the continued appeal of high-quality multifamily developments in strategically located suburban areas," Taylor commented.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Varden Capital Properties
Varden Capital Properties (VCP), founded in 2011 and headquartered in Atlanta, GA, is a real estate investment firm specializing in acquiring undervalued properties, particularly in the multifamily sector across the Southeast and Texas. With a track record of acquiring over 120 apartment complexes and developing thousands of units, VCP leverages its expertise in property management, renovation and strategic relationships to maximize returns for its diverse group of investors. The company, led by founding managing partner Trace McCreary, focuses on identifying markets with high growth potential and employs various investment strategies to generate attractive risk-adjusted returns.
About Tellus Partners
Tellus Partners is a dynamic real estate investment company headquartered in Atlanta specializing in multifamily developments across the Southeast. With a vertically integrated platform and a focus on creating value through innovative design and efficient execution, the company has successfully developed, acquired and renovated over 3,000 multifamily units in various formats including garden, mid-rise and mixed-use developments. Tellus Partners is known for its contemporary architecture, resort-style amenities and commitment to challenging the status quo in pursuit of continuous improvement and value creation for both financial partners and end-users.
About TriBridge Residential
TriBridge Residential is an entrepreneurial multifamily real estate firm focused on the Southeast with over $1.5 billion in assets under management. TriBridge has demonstrated its ability to maximize risk-adjusted returns through conservative underwriting, responsible capitalization and intensive operational management – achieving a 20%+ IRR since 1999. The firm is vertically integrated with an acquisitions and development platform, property management arm and general contractor. Since 1999, TriBridge invested or developed over $980 million across 7,300 units (32 properties) in Florida. TriBridge's current Florida multifamily portfolio includes eight build-to-core developments.