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Land acquisition in Jacksonville for residential development

Land acquisition in Jacksonville for residential development

Land acquisition in Jacksonville for residential development

NewStar announced the acquisition of 40 acres in Jacksonville, Florida, in partnership with Red Cedar Development LLC. The site is planned to become a 137-unit townhome community known as Marigold Ridge.

Prior to acquiring the property, NewStar and Red Cedar entered into a lot purchase agreement with a national homebuilder who contracted to sell the completed townhome lots.

New construction homes within a 5-mile radius are selling for prices ranging from $300,000 to over $500,000. The property is less than five minutes from River City Marketplace, the largest shopping complex in North Jacksonville.

“We are pleased to announce the closing of our second investment for NewStar Equity Lot Finance Funds and our third investment in Florida,” said Joe Gibson, Chief Investment Officer of NEWSTAR. “Marigold Ridge will offer convenient access to downtown Jacksonville and a wide variety of amenities, making it an ideal community for prospective homebuyers.”

The property is well located in North Jacksonville. approximately 1 mile from I-95 and 3 miles from I-295, with convenient access to downtown Jacksonville (13 miles) and Jacksonville International Airport (2 miles).

Stripping and site work are expected to commence in the third quarter with completed lots delivered for sale beginning in the second quarter of 2025.