Rich Properties Inc. has picked up a 28-acre parcel of land in Jacksonville for $3.5 million. The development site has been pre-approved for Ibis Pointe, a 378 unit apartment community in the Oakwood Villa submarket. Located on the west side of Jacksonville’s Southside Connector and Tredinick Parkway intersection, the property will offer one- to three-bedroom units spread across 20 two and three story buildings. Common amenities will include a clubhouse, swimming pool and 54 garages. Colliers International Northeast represented both the buyer and the seller, Indigo Jax Apartments.
Rich Properties specializes in developing, building and managing apartment communities that controls a portfolio of over 3,000 units around Florida. “The Ibis Pointe development should perform very well relative to unit absorption velocity due to the fact that Ibis Pointe will be the first apartment community delivered in that sector of the submarket since 2006,” said Director Bradley Coe, Colliers International.
