The Edge at Lakeside represents TruAmerica’s first investment in the Jacksonville MSA. The asset is located in Jacksonville’s thriving Orange Park submarket with top multifamily rent growth. Located just south of I-295, Edge at Lakeside benefits from direct access to each of the major employment centers in Jacksonville including the Jacksonville Naval Air Station, Bank of America, Baptist Medical Center, the Mayo Clinic, and the Orange Park Medical Center. The medical and logistics industries have historically driven and continue to drive growth in the metro. However, as Jacksonville continues to establish itself as a business-friendly destination, a growing number of tech and finance firms have begun to open up new regional offices or fully relocate operations to Jacksonville.
Numerous factors have contributed to Jacksonville’s rapid economic expansion, including a well-established and growing corporate presence, enviable quality of life, favorable taxes, and a skilled and dedicated workforce. Major corporations with headquarters or substantial offices throughout Jacksonville include Mayo Clinic, Bank of America, CSX Transportation, Fidelity Financial, The PGA Tour, and FIS.
The 200-unit property was built in phases between 1984 and 1997 and features two and three-bedroom floorplans with patios and balconies. Prior ownership renovated 85 homes, leaving the remaining 115 homes in classic condition. TruAmerica will upgrade these remaining 115 homes to match the 85 homes renovated by current ownership, which includes white shaker cabinet fronts, stainless steel appliances, quartz countertops, vinyl flooring, tile backsplash in the kitchen, and upgraded fixtures and hardware.