Summit Contracting Group has broken ground on Volta, a 337-unit community in Jacksonville, Fla. Owned by Preferred Apartment Communities, the Class A development is scheduled for completion in the fall of 2023.
Volta is the second multifamily project within the eTown master-planned community. It is adjacent to The Menlo, a 332-unit property that Summit completed construction for in August 2020.
Volta comprises six three- and four-story buildings with one-, two- and three-bedroom apartments featuring granite countertops, tile backsplashes and washers and dryers. Community amenities include a clubhouse, fitness center, leasing office, pool, lounge area, event lawn and dog park.
The 415,909-square-foot project is located at 11390 Square St., less than 2 miles south of Interstate 295. The transit-oriented property is directly connected to downtown Jacksonville and multiple retail and dining options, including St. Johns Town Center.
Secondary multifamily markets in Florida saw a strong performance last year, with Jacksonville reaching a 22.6 percent year-over-year rent growth as of October. There are currently 35 properties under construction across the metro, representing 5.4 percent of total inventory, according to Yardi Matrix data.
At the end of last year, Summit Contracting Group completed another Florida luxury asset, the 228-unit Legacy Encore in downtown Tampa, owned by Legacy Partners and Griffin Capital.