Republic Properties plans to build a 240-unit community on 12.1 acres it bought for $3.24 million.
Colliers International announced Feb. 3 that it brokered the sale and purchase of 12.1 acres at Tison and Pecan Park roads for $3.24 million.
A 240-unit apartment community, Seaton Preserve, is planned for the site, which is about 1 mile west of the Pecan Park Flea & Farmers Market.
Pecan Park I LLC and Pecan Park II LLC from Miami sold the property to Pecan Park Multifamily LLC, in association with Republic Properties based in Washington, D,C., Colliers said.
Bradley Coe and Matthew McCartney represented the buyer and Chuck Diebel and Matt Entriken represented the seller. All the agents are with Colliers International.
“The property is strategically located in the North submarket, which presently is experiencing a high-level of growth due to the availability of developable land tracts,” Coe said in a news release.
“The expectation is that Republic will attain considerable success with this project based on the continued demand for rental housing options, the uniqueness of their product design and its strategic location,” he said.
Plans call for eight three-story buildings. There will be 96 one-bedroom units from 756 to 816 square feet, 120 two-bedroom units from 1,164 to 1,176 square feet and 24 three-bedroom apartments at 1,248 square feet. Rents are expected to cost $1.70 to $1.85 per square foot.
Amenities will include a clubhouse, pool, grilling area, dog park and fitness center.
“Republic will be offering future residents in the North Jacksonville market sector with a high-end rental living option that provides open concept floor plans, high-end finishes and designer touches.” Coe said.
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