NEWSTAR Announces Acquisition of Site in Jacksonville, Florida for Residential Land Development Fund Series

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 [email protected].

SOURCE NewStar Asset Management