Ponte Vedra, Florida
Valencia, a mid-rise master-planned condominium community located in Jacksonville, Florida, went into distress in 2009. The project was planned to include 245 units spread across 5 buildings, as well as a central clubhouse and amenities. The clubhouse and three of the buildings were completed, and 89 of the 162 available units were sold. The exterior shell of Building 4 was also completed, but the interior build out of the 42 units was left incomplete.
In late 2010, Carter purchased the $31 million note from Compass Bank for $10 million (an approximate 68% discount), and underwent a consensual foreclosure process with the developer. In 2011, Carter invested capital to not only stabilize the property, but also build a one-acre park in the future location of Building 5. The rebranded marketing program was also launched in 2011, and in the first two years Carter sold the 73 available homes.
As the project approached closeout of the remaining inventory in 2012, Carter began to plan for the completion of construction on Building 4. In early 2013, Carter began construction and released its pre-sales program. In the first four months of sales, the project has sold over 70% of inventory and only has 12 homes remaining.
The property is located in the desirable Ponte Vedra Beach and Jacksonville Beach markets, just blocks from the beach and 14 miles from the Jacksonville CBD.
Scope of Services
185,000 sf, 115 units (Carter purchased)