Class A luxury multi-housing development in Florida trades hands

JACKSONVILLE, Nov. 8, 2024 – JLL Capital Markets announced today that it has arranged the new construction sale of The Mark at Wildwood, a 294-unit multi-family complex in Oxford, Florida.

JLL represented the seller, Varden Capital Properties and Tellus Partners. The buyer was TriBridge Residential.

The Mark at Wildwood, located at 3795 Bismark Ct., sits at the northwest corner of The Villages development in Sumter County, Florida, less than an hour north of Orlando. Strategically positioned adjacent to an Aldi grocery store, the property offers convenient access to over seven million square feet of commercial buildings and retail space. Residents benefit from proximity to essential goods and services, as well as major employment centers such as UF Health, The Villages Hospital, HCA Hospital, AdventHealth Emergency Room and a VA Outpatient Clinic nearby.

Sumter County, home to The Villages, stands out as America's fastest-growing metro area, boasting a remarkable 62% population surge since 2010. Known as America's Premier Active Adult Community, The Villages houses over 150,000 residents with a median age of 69.3 years and an average household income exceeding $103,000. This thriving community contributes to a robust local economy, supported by a highly educated populace, with 65% of residents holding college degrees.

The Mark at Wildwood, a Class-A luxury development completed in 2023, is a three-story, garden-style multifamily property offering a mix of one-, two- and three-bedroom flat and carriage home-style units. The community boasts high-end amenities such as a resort-style pool and clubhouse, while individual apartments feature luxury plank flooring, custom cabinetry with soft-closing hinges and stainless steel appliances.

“The Mark at Wildwood’s location next to the most developed retail corridor in The Villages allows its residents to enjoy a comfortable lifestyle with easy access to various employment centers, great grocery stores like Costco, Sprouts and Fresh Market as well as various healthcare hubs,” said Andy Green, Managing Partner at TriBridge Residential.

JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Managing Directors Cliff Taylor and Joe Ayers, Directors Ryan Hixon and Tucker Brooks and Associate Mike Scott.

"The Mark at Wildwood presents a compelling investment in America's fastest-growing metro area," said Taylor. "Its strategic location adjacent to The Villages, coupled with the area's robust demographics and economic growth, positions this luxury development for sustained success in the thriving Central Florida market."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

Varden Capital Properties (VCP), founded in 2011 and headquartered in Atlanta, GA, is a real estate investment firm specializing in acquiring undervalued properties, particularly in the multifamily sector across the Southeast and Texas. With a track record of acquiring over 120 apartment complexes and developing thousands of units, VCP leverages its expertise in property management, renovation and strategic relationships to maximize returns for its diverse group of investors. The company, led by founding managing partner Trace McCreary, focuses on identifying markets with high growth potential and employs various investment strategies to generate attractive risk-adjusted returns.

Tellus Partners is a dynamic real estate investment company headquartered in Atlanta specializing in multifamily developments across the Southeast. With a vertically integrated platform and a focus on creating value through innovative design and efficient execution, the company has successfully developed, acquired and renovated over 3,000 multifamily units in various formats including garden, mid-rise and mixed-use developments. Tellus Partners is known for its contemporary architecture, resort-style amenities and commitment to challenging the status quo in pursuit of continuous improvement and value creation for both financial partners and end-users.

TriBridge Residential is an entrepreneurial multifamily real estate firm focused on the Southeast with over $1.5 billion in assets under management. TriBridge has demonstrated its ability to maximize risk-adjusted returns through conservative underwriting, responsible capitalization and intensive operational management – achieving a 20%+ IRR since 1999. The firm is vertically integrated with an acquisitions and development platform, property management arm and general contractor. Since 1999, TriBridge invested or developed over $835 million across 6,700 units (30 properties) in Florida. TriBridge's current Florida multifamily portfolio includes five build-to-core developments.