Newly constructed multi-family complex trades in Saint Augustine

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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