Morgan Group Starts Project in Jacksonville’s Revived Construction Market
- Jul 26, 2012
The Morgan Group has started construction on a 240-unit Class A apartment community called The Terrace at Town Center.
Located on 11.72 acres in Jacksonville, Fla.’s Southside/JTB growth corridor, the three-story, garden-style community targets young families and professionals who work along the JTB corridor. Featuring a mix of one- and two-bedroom units—averaging 953 square feet—the apartment community will include a resort-style swimming pool with grilling stations, a dog park, state-of-the-art fitness center, Internet lounge, demo kitchen and resident room.
All amenity areas will include WiFi. The Morgan Group will serve as the apartment community’s management company once the project welcomes its first residents, which is expected in December 2012.
“This new development will benefit from the success of our ‘Phase I’ Arelia property next door, which we also manage and jointly own,” said Chairman and CEO Mike Morgan. “Arelia has 270 units and is situated on 13.56 acres. It has been a very successful lease-up, reaching 93 percent occupancy in just 10 months after it opened in August 2009. We expect the same success with The Terrace at Town Center because of its proximity to one of Jacksonville’s largest employment areas in the Southside/JTB corridor, as well as shopping, dining and entertainment within walking distance at St. John’s Town Center.“
The Morgan Group’s decision to move forward with The Terrace at Town Center is consistent with Marcus & Millichap’s forecast for Q3. The firm’s recent report reports that construction activity continues to accelerate in Jacksonville, and that the level of new developments will not slow improvements in property performance in the second half of 2012.
According to the annual forecast, developers will complete 700 market-rate rentals in 2012. Last year, only 158 market-rate apartments hit the market.