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Jax Daily Record Monday, Aug. 2, 202102:00 PM EST

Drift at Town Center East sale sets record at $301,268 per unit

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Previously known as Bainbridge Town Center East, the 276-apartment community sold for $83.15 million.
by: Katie Garwood Staff Writer

The Bainbridge Town Center East apartments, now known as Drift at Town Center East, sold for $83.15 million July 21, setting a Jacksonville per-unit price record of $301,268 for the 276-unit complex.

The next closest sale was the SUR Southside Apartments, which sold for $75 million and averaged $245,000 per unit.

The Drift at Town Center apartments at 5000 Kernan Blvd. were completed last year at northwest Butler and Kernan boulevards.  

Wellington-based Bainbridge sold the property through Bainbridge St. Johns Town Center Owner LLC to New York City-based Town Center Apartments East LLC, managed by Sentinel Real Estate Corp.

"We recognized the opportunity to acquire a newly built, stabilized multifamily property in a high-growth market that is supported by excellent long-term fundamentals," Sentinel President Michael Streicker said in a news release. "Drift at Town Center East is located in a highly desirable but severely supply-constrained market, with only one other multifamily community expected to be delivered within three miles of the property over the next two years. This, combined with its optimal location and attractive amenities, presents qualities that we believe will continue to make the property a desirable option for area residents."

Bainbridge developed the apartment project and paid $6.7 million for the 17.09-acre site.

The Drift apartments offer one-, two- and three-bedroom units. Rent ranges from $1,542 for a 751-square-foot, one-bedroom apartment to $2,208 for a 1,325-square-foot, three-bedroom apartment. 

Units offer plank flooring, stainless steel appliances, kitchen islands, walk-in closets and private balconies. 

The community includes a dining and grilling pavilion, exercise trail, lake views, saltwater pool, private cabanas, fitness center, cybercafe, game room and a pet spa.

Sentinel says it is an independently owned real estate investment management firm with $7.8 billion of real estate assets under management on behalf of more than 100 domestic and international clients. 

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