AluX at University
La Esperanza Apartments

A 232-unit apartment community in the heart of Jacksonville, Florida

On June 22, 2021, The Wildcat Group completed the acquisition of AluX at University, a 232-unit apartment community in the heart of Jacksonville, Florida, one of the fastest-growing metros in the U.S.. This acquisition will allow The Wildcat Group to continue to deliver on its commitment to provide residents with its unique “affordable luxury” product.

AluX at University will be physically transformed, repositioned and rebranded over the next 18 months. Extensive renovation of the property will simultaneously increase resident value while also reducing ongoing operating expenses.

Improvements will include an entire reconstruction of unit interiors, a brand new fitness center overlooking the pool area, substantial energy conservation measures and conversion of the 31 buildings/11+ acres to a fully gated community.

The planned transformation includes all new kitchens, bathrooms, luxury vinyl plank flooring, quartz countertops, modern in-unit washers and dryers, EnergyStar stainless steel appliances, all new dual pane windows and modern, professionally selected and designed interior and exterior paint schemes, designer lighting fixtures and low-water-use WaterSense plumbing fixtures in addition to an exterior makeover.

The Wildcat Group produces a niche “affordable luxury product” that fills a void within the rental marketplace, competing with newer luxury apartments at substantially lower, more affordable rental rates.

The property lies within a rapidly redeveloping area that is a medical hub of Jacksonville. Thousands of healthcare employees exist within a 0.5 mile radius of the property, which includes two major hospitals and an extensive network of medical offices.

The Wildcat Group last year selected Jacksonville as one of five target markets in which to invest based upon its rapid population and employment growth rates, diverse economic and employment base and limited supply of existing and planned quality rental housing stock. Year-over-year rental rates in Jacksonville have grown by 11% as of last month.