Affiliates of Harbor Group International, LLC (HGI), a private real estate investment and management firm, have acquired Ascend at Durbin Creek, a newly constructed 350-unit multifamily property in St. Johns, a suburb of South Jacksonville, Florida. As of May 2024, the property is 86.5% occupied and has averaged 20 new leases per month over the past year, reflecting strong demand for high-quality apartment housing in the Jacksonville market.
Yisroel Berg, Chief Investment Officer of Multifamily at HGI, expressed confidence in the property’s lease-up potential due to its convenient access to employment and lifestyle destinations. He anticipates that Ascend at Durbin Creek will maintain a robust renter base and experience steady rent growth, given the rapidly growing population in South Jacksonville.
Ascend at Durbin Creek is located near major employment centers in Jacksonville, such as Flagler Center and Southside, which together offer over 126,000 jobs. Key employers in the area include Baptist Health South, Citi, Deutsche Bank, JPMorgan, and Bank of America/Merrill Lynch. Additionally, residents are close to Pavilion at Durbin Creek, a retail strip center with over 700,000 square feet of retail space, with further development planned over the coming years.
Developed in 2023, Ascend at Durbin Creek boasts modern features like stainless steel appliances, quartz countertops, tile backsplashes, hardwood-style flooring, large walk-in closets, and screened-in patios or private yards. The property also offers amenities such as a 24-hour fitness center, a saltwater pool, a poolside pavilion, a dog park, EV charging stations, a cybercafé, a business lounge, a game lounge, and detached garages. HGI plans to expand the number of EV charging stations, add bike racks, and enhance the pool deck with turf.
Institutional Property Advisors facilitated the sale and financing of the transaction. Erik Bjornson, Tyler Nilsson, and Kyle Kundiger brokered the sale, while Brian Eisendrath, Cameron Chalfant, Tyler Johnson, Jake Vitta, and Jesse Zarouk arranged the debt.
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By Proptechbuzz
By Ravi Kumar
