PCCP, LLC has provided a $72.7 million senior loan to Rose Valley Capital, an affiliate of Hampshire Properties, for the acquisition and renovation of Carlyle at Bartram Park, a 336-unit apartment community located at 14701 Bartram Park Boulevard in the southern part of Jacksonville, Florida.
The property is located near Bartram Park, a high-end, mixed-use development that includes single-family residential, in excess of 640,000-square-feet (sf) of retail, more than 125,000-sf of office, and 2,000 acres of trails for hiking, biking and horseback riding.
Built in 2009, Carlyle at Bartram Park is approximately 93 percent occupied and includes 14 three-story garden-style buildings. The property includes one-, two-, and three-bedroom units across five unique floor plans with an average unit size of 991 square feet (sf). The units feature 9’ ceilings, walk-in closets, and in-unit washer and dryers. On-site amenities include a playground, fitness studio, clubhouse with fireplace, gated access, outdoor fireplace and grill area, resort-style pool with sundeck, and a walking trail around the lake.
Rose Valley Capital plans to implement a value-add program to renovate the property’s interiors including the addition of stainless-steel appliances, vinyl flooring, upgraded fixtures, new cabinets, and granite countertops, among other upgrades. Additionally, the ownership will make improvements to the landscaping, pool deck, façade, paving, and clubhouse.
“PCCP sees this as a favorable opportunity to lend to Rose Valley Capital, a well-capitalized borrower with local experience in the rapidly growing Jacksonville submarket,” said Kevin Chin, a Managing Director with PCCP. “We believe, the value-add renovation plan that is in place is positioned to help meet the demand from local renters seeking updated, highly amenitized rental product near job centers.”
The Bartram Park neighborhood is one of North Florida’s fastest growing submarkets. Carlyle at Bartram Park is centrally located among six million square feet of new and experiential retail and mixed-use centers in Flagler, Bartram Park, Pavilion at Durbin Park and Beachwalk and is also a 30-minute drive into downtown Jacksonville via Interstate 95. The area features major health employers such as the Mayo Clinic and major financial employers such as Bank of America and Wells Fargo and has added 14,300 new tech jobs over the past decade and 36,000 jobs overall year-over-year.
Since its inception in 1988, Rose Valley Capital has been actively involved in the acquisition and management of multifamily and commercial projects across the United States and Canada. The firm owns, operates and/or manages a portfolio worth over $2 billion, with more than 10,000 units across seven states and in excess of two million square feet of commercial space across three states.