Continental Properties Inc. bought Flagler Center property from Florida State College at Jacksonville for $4.033 million, according to a deed executed Aug. 24.
Through Continental 495 Fund LLC, the Wisconsin-based developer bought the 10-acre site at southwest Philips Highway and Old St. Augustine Road in Flagler Center
to build apartments.
Bradley Coe and Wade Powers with Colliers International were the lead brokers in the sale. Coe represented Continental Properties and Powers represented FSCJ.
Continental Properties, based in Menomonee Falls, Wisconsin, develops its Springs brand of luxury apartments.
The company previously developed the Springs at Orange Park.
According to a news release from Colliers, the 250-unit community will comprise nine residential buildings: six two-story buildings and three three-story buildings.
The unit mix will include 40 studio units, 85 one-bedroom units, 105 two-bedroom units and 20 three-bedroom units.
Unit interiors are designed with 9-foot ceilings, kitchen islands with granite countertops, stainless steel appliances and a private balcony or patio.
The community will have attached and detached garages, a clubhouse, resort-style pool, barbecue area, dog park and fitness center.
The college bought the land in 2011 for $3.7 million from Flagler Development Group. The land was purchased for a campus, but anticipated state funding was not received.
