Sentinel Real Estate Corporation Acquires 276-Unit Apartment Community in Jacksonville, Florida
NEW YORK (August 2, 2021) – Sentinel Real Estate Corporation (“Sentinel”) announced today the acquisition of Bainbridge Town Center East, a 276-unit multifamily property in Jacksonville, Florida. Completed just last year, the property offers luxury multifamily living in the highly sought-after Southside submarket, which provides direct access to beaches and Downtown Jacksonville. As part of the acquisition, Sentinel will rebrand the property to Drift at Town Center East.
“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.
About Sentinel Real Estate Corporation
Established in 1969, Sentinel Real Estate Corporation is a New York City-based independently owned real estate investment management firm. The firm currently has $7.8 billion of institutional-quality real estate assets under management on behalf of more than 100 domestic and international clients. Sentinel maintains offices throughout the United States, Amsterdam, Germany, Australia and Singapore. The firm’s portfolio currently comprises over 26,000 apartment units and 5.5 million square feet of commercial real estate. Sentinel operates on a vertically integrated platform with 750 employees performing all phases of the investment process including on-site property management. For more information about Sentinel, please visit www.sentinelcorp.com.
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ICR on behalf of Sentinel