Harbor Group expands footprint in Florida with acquisition of 350-unit Ascend at Durbin Creek in

JACKSONVILLE, Fla. – Affiliates of Harbor Group International (HGI), a privately held international real estate investment and management company, announced the acquisition of Ascend at Durbin Creek, a newly constructed 350-unit multifamily property located in suburban St. Johns, Florida. The property is leased and was 86.5% leased as of May 2024, with an average of 20 new leases per month over the past year, demonstrating strong leasing performance and demand for high-quality residential apartments in the Jacksonville market.

“As a new development with convenient access to jobs and lifestyle, we are confident that we will be able to complete a successful leasing transaction,” said Yisroel Berg, chief investment officer for multifamily investments at HGI. “Given the rapidly growing population in the South Jacksonville area, we expect Ascend at Durbin Creek to maintain a strong tenant base and achieve consistent rent growth as it continues to attract new residents.”

Ascend at Durbin Creek is located near major employment centers in Jacksonville, including Flagler Center and Southside, which together support more than 126,000 jobs. Notable employers in the area include Baptist Health South, Citi, Deutsche Bank, JPMorgan and Bank of America/Merrill Lynch. Residents are also within walking distance of the Pavilion at Durbin Creek, an open-air shopping center with over 700,000 square feet of retail space, Phase II of which is expected to be completed in the next few years.

The property was built in 2023 and features stainless steel appliances, quartz countertops, modern tile backsplashes, hardwood style floors, large walk-in closets and screened in patios/private yards. The property also offers a premium amenities package including a 24-hour, state-of-the-art fitness center, saltwater swimming pool, pool pavilion, dog park, electric vehicle charging stations, internet café, business lounge, arcade and detached garages. HGI plans to increase the number of electric vehicle charging stations, add bicycle racks and a lawn on the pool deck.