Multifamily Still Going Strong in Jax

Young Professionals are on the multifamily radar.  With the lending market still tight because of the required down payments and many young professionals electing to rent instead of own, the market for upper end apartments is tight.  Developers and investors are realizing the demand and finding that buying existing communities does not yield strong enough returns to justify the risk and investment.  With existing demand growing there have been 8 starts on multifamily apartments communities in the last 12 months with one more applying for permits this week.  The most recent community is planned for the Southside behind Bojangles and South of the Publix at Touchton Blvd.  The community will be unique in that every unit will overlook the lake to the West and not have any neighbors to the East.  See link from Jacksonville Business Journal