PCCP, LLC and 360 Communities have formed a joint venture for the ground-up development of Crossroads at Town Center, a 141-unit, for-rent townhome community located off Gate Parkway North in Jacksonville, Florida.
“This is PCCP’s fifth investment with 360 Communities, the built-for-rent (BFR) operating platform of Freehold Capital Management, a prominent developer of master-planned communities,” said Andrew Barbakoff with PCCP. “Additionally, the project will be built by Lennar, the nation’s second-largest homebuilder. We believe that Crossroads at Town Center has an experienced team in place to provide a quality residential product in line with renter demand in the local market.”
The property is planned for 20, two-story walk-up buildings that will each contain four to eight townhomes. The unit mix will consist entirely of three-bedroom, two-and-half-bathroom product across two distinct floorplans. Interior finishes will feature quartz countertops, plank tile flooring, undermount sinks, stainless steel appliances, 9’ ceiling heights, in-unit laundry, a covered screened-in porch, and an attached oversized one-car garage and driveway. Crossroads at Town Center is also planned to include a gated entrance, pool, cabana, playground, dog park, and 85 guest parking spaces.
St. John’s Town Center is situated 12 miles (or an 18-minute drive) southeast of downtown Jacksonville and has grown substantially over the last ten years due to its proximity to several of the MSA’s major employment corridors such as the Jacksonville CBD, Deerwood/St. Johns Corridor, and the Southside Corridor. These major employment nodes consist of approximately 18 million sf, 300,000 jobs and 100 industry headquarters clustered in the region, many of which have relocated or expanded into the area. Jacksonville also remains largely entrenched in the healthcare industry, with the Jacksonville Mayo Clinic (eight miles from the property) being one of only three Mayo Clinic campuses in the United States.
