The Avery at River City Marketplace_Property for Sale

14200 Duval Road, Jacksonville, FL, 32218, US

The Avery at River City Marketplace

Asset description

Jones Lang LaSalle Americas, Inc. presents The Avery at River City Marketplace, a new construction 390-unit luxury community in North Jacksonville's rapidly-growing North Jacksonville/Airport submarket. Built in two phases (2022 and 2024), the property benefits from Florida's Live Local Act Middle Markets Tax Exemption and offers easy access to expanding job centers, retail, dining industrial and medical establishments.

The Avery boasts a market-leading amenity package, including a resort-style pool, fitness center with studio space, clubhouse with various entertainment areas, coworking spaces and outdoor facilities. Apartments are equipped with solid-surface countertops, vinyl plank flooring, stainless steel appliances and full-size washers and dryers.

Situated in North Jacksonville, The Avery is proximate to major employers across various sectors. The area is anchored by Jacksonville International Airport and JAXPORT's Blount Island Terminal, establishing it as the city's main logistics and e-commerce hub. Other nearby facilities include UF Health North, North Jacksonville VA Hospital and River City Rehabilitation Center. The property is also just one mile from the River City Marketplace and a 15-minute commute to Downtown Jacksonville's ±60,000 jobs.

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Attributes

Units

270

Building area net

25,706 sm

Land area gross

1 sm

Media

Investment highlights

Live Local Tax Benefit

The Avery qualifies for The Live Local Act, which offers a 75% ad valorem tax exemption on units designated for households earning up to 120% of the Area Median Income. This significantly reduces the property's assessed value and generates substantial tax savings.
The Avery has 164 units approved for the Live Local Benefit. This leads to an estimated Year 1 Tax Savings of $388,459, a 9% boost to Year 1 NOI!

High Rent Growth Market As Deliveries Fall

Despite record construction deliveries in 2023-2024, the North Jacksonville/Airport submarket is expected to see a significant drop in completions by 2025-2026, leading to projected rent growth near 4% by 2026.
Year-over-year tenant retention is steadily improving monthly, with modest rent increases on renewals, indicating early signs of submarket stabilization.

Location Dominance

The Avery, situated in the exploding North Jacksonville/Airport submarket offers convenient access to Interstate 95 and one of North Florida's fastest-growing employment hubs, featuring multiple healthcare campuses, industrial facilities and Jacksonville International Airport - collectively supporting thousands of local and regional jobs.
River City Marketplace, located only one mile from The Avery, is one of Jacksonville MSA's three regionally-dominant open-air lifestyle centers, attracting over 7 million visitors annually. This 1 million SF center houses a diverse array of major retailers and popular restaurants.
Jacksonville International Airport, a short 5-minute drive from The Avery, serves over 7 million passengers annually and is undergoing an expansion to add an additional concourse, plus a new parking garage increasing the airport's capacity and amenities.
Three medical centers are within 10 minutes of The Avery, including North Jacksonville VA Hospital, River City Nursing and Rehab Center and UF Health North.
The Avery is located in Jacksonville’s premier industrial submarket, with over 44 million square feet of industrial space and more to come!