Balfour Beatty Communities Obtains Luxury Apartment Asset; Increases Jacksonville Portfolio

Malvern-based Balfour Beatty Communities Obtains Luxury Apartment Asset; Increases Jacksonville Portfolio
Landings at Lake Gray adds 300 units to the Company’s Florida multifamily portfolio

MALVERN, PA — A national residential real estate investment and management company, Chester County-based Balfour Beatty Communities has successfully completed the acquisition of Landings at Lake Gray, a 300-unit apartment community located in Jacksonville, FL. The purchase was completed in partnership with ApexOne Investment Partners.

Developed in 2005, Landings at Lake Gray offers one-, two- and three-bedroom layouts averaging 952 square feet and featuring designer cabinetry, plank flooring, plantation-style blinds and in-unit washer/dryer. Some floor plans also feature vaulted ceilings, granite counters and garages. The 14-acre property also offers lake views and extensive community amenities, including a resort-style pool, fitness center, clubhouse, outdoor kitchen and playground.

Located in desirable West Jacksonville, Landings at Lake Gray offers convenient and immediate access to Interstate 295 and major area employers including Naval Air Station Jacksonville, Orange Park Medical Center and General Dynamics.

“Landings at Lake Gray is located in a highly sought-after area of Northeast Florida and benefits from its close proximity to Jacksonville’s largest employment centers,” said Gen Bauer, senior vice president of Balfour Beatty Communities. “With our targeted renovation strategy and world-class management services, we are very excited about this property and its potential to serve area residents looking for quality and value.”

Renovation plans for Landings at Lake Gray are scheduled to commence immediately and will include additional improvements to landscaping and curb appeal, an upgraded amenity package, and interior renovations to further modernize kitchens, lighting and flooring.

Source: Balfour Beatty Communities, 1 Country View Rd, Malvern PA 19355

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