JACKSONVILLE, FL—Capstone Companies has successfully brokered the sale of a multifamily land development opportunity in Jacksonville, FL. The 15.41-acre site is situated near the intersection of Normandy Boulevard and I-295 in the rapidly expanding West-Side Submarket. The buyer intends to construct a 308-unit market-rate apartment community with clubhouse, including fitness center, resort pool, dog spa and park, and activity lawns. The development is slated to break ground later this year.

The Capstone transaction team represented both the parties in this transaction.

“Capstone’s Land Sales team continues to see success in the Jacksonville market. The proximity of the site combined with our deep relationships within the development community allowed us to navigate this transaction during a challenging market environment,” said Jad Richa, Managing Director.

Capstone was able to guide the buyer, Novu Residential Group, to this site by highlighting Normandy Crossing’s accessibility as well as location within a path of growth. This is Novu’s first transaction in Florida.

Future residents at the Normandy Crossing’s multifamily community will benefit from the MSA’s expansive growth and the site’s convenient location to all the major employers in downtown Jacksonville and the Cecil Commerce Center. The site is also surrounded by an abundance of Class A retail, restaurants, and other amenities.

Media Contact:
Jaclyn Chapman
Director of Strategic Marketing Communications
jaclyn@capstone-companies.com