“We recognized the opportunity to acquire a newly built, stabilized multifamily property in a high-growth market that is supported by excellent long-term fundamentals,” said Michael Streicker, President of Sentinel. “Drift at Town Center East is located in a highly desirable but severely supply-constrained market, with only one other multifamily community expected to be delivered within three miles of the property over the next two years. This, combined with its optimal location and attractive amenities, presents qualities that we believe will continue to make the property a desirable option for area residents.”

Drift at Town Center East is located in the heart of Southside, which is one of Jacksonville’s more affluent submarkets and features a high-quality school system. The property provides ease of access to employment centers such as the 18 million-square-foot Deerwood Office Park, which hosts more than 200,000 workers and major tenants including Bank of America, Johnson & Johnson, Florida Blue and JPMorgan Chase. One mile away is St. Johns Town Center, a 2.5 million-square-foot open-air shopping center with more than 175 stores and a variety of restaurants and entertainment venues.

Apartments at Drift at Town Center East range from one to three bedrooms and feature wood-style flooring in kitchens and living rooms; modern kitchens with designer white cabinetry, ceramic tile backsplashes, quartz countertops and stainless steel appliances; washers and dryers; walk-in closets; private balconies or patios; and touchscreen smart thermostats. Community amenities include a saltwater pool with sundeck and cabanas; a poolside lounge area with a dining pavilion, grills and a fire pit; a hammock grove; a 24-hour fitness center; a yoga studio and private training room; a community lounge with a cyber café; a game room with shuffleboard and billiards; an outdoor clubroom with a fireplace and pool views; a dog park; an exercise trail; and a lakeside overlook with grills and a seating area.

Over its 51-year history, Sentinel has acquired a national portfolio of multifamily real estate on behalf of domestic and international institutions. The firm will continue to leverage its market expertise and deep industry relationships to identify attractive investment opportunities throughout the region.

The acquisition received coverage in numerous media outlets.
Sentinel Real Estate Nabs Jacksonville Community (multihousingnews.com)
Sentinel Real Estate Corporation Acquires 276-Unit Apartment Community in Jacksonville, Florida (relpi.org)
Sentinel Real Estate Corporation Acquires 276-Unit Apartment Community in Jacksonville, Florida | Business Wire

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