The Landings at Lake Gray is a 300-unit Class-A workforce housing community located in West Jacksonville, Florida. The property was developed in 2005 and is located ¼ mile from the newly designed interchange of I-295 and Collins Road. This prime location provides residents with immediate access to all of Jacksonville’s employment centers as well as numerous commercial, retail, and entertainment venues. 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. Approximately 20,000 new jobs were created in 2018, and the Jacksonville market has outpaced the state in both population and wage growth for the 24 months ending first quarter 2019.
The Landings was completed in 2005 and 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 counter tops, stainless steel appliances, plank flooring, washer/dryer, plantation blinds, microwave ovens, and some units with vaulted ceilings and fireplaces.
Balfour Beatty Communities assumed management services at closing. The Landings at Lake Gray was acquired in ApexOne Multifamily Fund III and will be held for long term growth and appreciation.