The Landings at Lake Gray is a 300-unit Class-A workforce housing community located in West Jacksonville, Florida. The property was completed in 2005 and is located ¼ mile from the I-295 and Collins Road's newly designed interchange. Jacksonville's employment centers and numerous commercial, retail, and entertainment venues are in proximity to the property. Major employers and businesses located nearby include General Dynamics, Riverside Spine and Pain, Carrier Enterprise, SSE, Putnam Lumber, and Baptist Primary Care. Costco, Sam's Club, Publix, Walmart, Home Depot, and Walgreens are all located within minutes of the property.
The North Florida economy has flourished since 2015, with Jacksonville in the top ten nationally for rent growth in 2018. The Jacksonville market has outpaced the State in both population and wage growth for the 24 months ending the first quarter of 2019. Jacksonville metro added 20,000 new jobs in 2018.
The Landings, completed in 2005, consists of 13 3-story walk-up buildings with 65 garages. The property offers one-two- and three-bedroom floorplans ranging from 732 square feet to 1,213 square feet. The site includes a low-density layout adjacent to a large private lake. Community amenities include a spacious clubhouse, Starbucks coffee bar, resort-style pool, fitness facility, Bark Park, detached garages, firepit, and playground. Interior unit amenities include designer cabinetry, some granite countertops, stainless steel appliances, plank flooring, washer/dryer, plantation blinds, microwave ovens, and some units with vaulted ceilings and fireplaces.
ApexOne Multifamily Fund III, LP purchased Landings at Lake Gray and will hold long-term to capture growth and appreciation. Balfour Beatty Communities assumed management services at closing.