LA-based company partners for 70-acre community

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A joint venture between a Los Angeles-based capital group and a Boston-based real estate investment firm announced it will develop a 180-unit townhome community in Southside. 

PCCP LLC and 360 Communities – an affiliate of Freehold Capital Management – announced the two companies will develop Avenues by 360 Communities. The 70-acre community is expected to include 180 single-family, for-rent townhomes adjacent to the I-95/U.S. 1/I-295 interchange.

“This is PCCP’s third joint venture with Freehold Capital Management, a developer of master-planned communities and built-for-rent communities,” said Brian Haber, vice president with PCCP, in a press release. “Avenues by 360 Communities is in a strong, infill location and will be poised to attract young couples and families seeking proximity to major Jacksonville employment nodes and the nearby entertainment, dining, retail and cultural amenities.”

The 180 units will include a mix of two- and three-bedroom townhomes that range from 1,200 to 1,500 square feet. Homes will feature customized interior finishes, while community amenities will include a resort-style pool, entertainment cabana building, fitness center, outdoor playgrounds and neighborhood trails. 

The project marks yet another development by PCCP in recent years. PCCP previously partnered with Atlanta-based Shelton McNally Real Estate Partners to acquire a 16.7-acre parcel for $4.5 million in December, with the parcel slated for development of Novo Kendall Town. 

In January, PCCP partnered with the Bainbridge Cos. to acquire 32.6 acres for the construction of Bainbridge Avenues Walk. Prior to that, Bainbridge and PCCP also partnered on the Bainbridge Town Center East community.