Greystar Acquires Avana Bartram Springs From Fogelman Properties for $39M in Jacksonville Value-Add Play

Greystar has acquired Avana Bartram Springs, a 268-unit multifamily community in Jacksonville, Florida, from Fogelman Properties for approximately $39.65 million, the company announced Aug. 24, 2026. The transaction marks a value-add bet on one of Jacksonville's established suburban corridors at a basis of roughly $147,985 per unit.

Deal Details and Capital Structure

The deed for the transaction was recorded June 30, 2026, with the deal publicly reported in mid-August. Greystar acquired the asset through the entity GEP XII Southside LLC. Walker & Dunlop provided acquisition financing in the form of a $32.6 million, five-year fixed-rate Fannie Mae loan, representing roughly 82% loan-to-value on the reported purchase price.

The property last traded in November 2018 for approximately $40.73 million — about $1.1 million more than the current sale price — reflecting the broader reset in Sunbelt multifamily valuations that followed the post-pandemic run-up. At roughly $148,000 per door, the purchase price comes in at a modest discount to Jacksonville's recent average price per unit of approximately $153,000 in the second quarter of 2026.

Property Profile: Avana Bartram Springs

Situated on approximately 23.7 to 24 acres at 14951 Walden Springs Way in Jacksonville's 32258 zip code, Avana Bartram Springs — formerly known as Reserve at Bartram Springs — comprises 15 residential buildings constructed in 2006. The garden-style community offers one-, two- and three-bedroom floor plans and amenities that include a pool with grill stations, a fitness center with spin and yoga rooms, a playground and a clubhouse.

Greystar plans to renovate both amenity spaces and individual units, a classic value-add approach for 2000s-vintage suburban garden product. The 2006 build year and limited documented major renovations position the asset in the B+/A- suburban garden cohort that institutional investors have increasingly targeted as they shift from development risk toward value-add and core-plus acquisitions.

Jacksonville Multifamily Market Context

The Bartram Springs submarket sits within the broader Southside–Mandarin–St. Johns corridor in Jacksonville's southern suburbs. Stabilized occupancy across Jacksonville multifamily has hovered in the 90% to 93% range through late 2025 and into early 2026, and investors have been selectively returning to Sunbelt multifamily as supply pressures from the recent construction cycle begin to moderate.

Greystar's acquisition at a below-peak basis, combined with a planned renovation program, reflects a strategy of creating value through capital improvements rather than paying a premium for a fully upgraded asset. Interior upgrade programs on comparable 2000s-vintage product have historically supported rent premiums of $100 to $200 per month depending on scope and the competitive set.

About the Firms

Greystar, headquartered in Charleston, South Carolina, is an operator, developer and investment manager focused on rental housing. Fogelman Properties, the seller, is a Memphis-based multifamily owner and operator. A cap rate for the transaction was not disclosed.

Sources:
Greystar Newsroom