ATLANTA, June 24,
2024 /PRNewswire/ -- NEWSTAR (or the "Company")
announces the acquisition of 40 acres in Jacksonville, Florida (the "Property") in
partnership with Red Cedar Development LLC ("Red Cedar"). The site
is planned for development into a 137-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 contracting for sale of the
finished townhome lots.
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 the
Jacksonville International Airport
(2 miles). Newly constructed homes within a 5-mile radius are
selling from the $300,000's to over $500,000. The Property is less than five minutes
from River City Marketplace, the largest shopping complex in
northern Jacksonville.
"We are excited 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 for
NEWSTAR. "Marigold Ridge will
offer convenient access to Downtown
Jacksonville and a wide array of amenities, making it an
ideal community for prospective homebuyers."
Clearing and sitework is expected to begin in the third quarter
with finished lots delivered for sale beginning in the second
quarter of 2025.
For more information on the Project, NewStar Equity Lot Finance,
or NEWSTAR, please contact info@newstar-am.com.
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SOURCE NewStar Asset Management