Summary

Westridge Apartments are located on the western side of Jacksonville on Route 134 between the Interstate 295 Beltway and the Cecil Commerce Center, a 17,200 acre former Naval Air Base that was privatized due to the 1993 and 1995 Base Realignment and Closure process. Interstate 295 opened in 2005, and Route 134 is a transit-oriented corridor with significant drive-by traffic. The expansion of the city sewer system out along Route 134 has increased the development of commercial office and retail project within close proximity to the property.

The investment strategy is the development of 312 multifamily class A units, lease-up to stabilization, and sale to an institutional owner within three years. The development will occur on an 18.44 acre tract of land, which for many years has been a mobile home park.

Westridge is located in the Lake Shore multifamily submarket. Westridge will be the only newly developed apartment building in a seven mile radius. The Operator has successfully completed two other apartment developments of the same quality and size on the Lake Shore. Lake Gray apartments and Normandy Oaks apartments are located eight miles south and north, respectively of Westridge.