The Ridley (12517 Beach Blvd, Jacksonville) — in-place rents have gone nowhere in a year while asking rents pulled ahead

301-unit, built 2019, last traded 2021 for $66.25M ($220,100/unit) 1. It's still working through lease-up seasoning: occupancy sits at 94.7%, up 1.7 points year-over-year and 4 points over the trailing six months 2, with retention at a modest 65% 3 — this is a property still absorbing units, not a fully stabilized asset.

Rent trends by unit type (in-place vs. asking):

The read: in-place rents are essentially flat to down. One-bedrooms are up just 0.4% year-over-year to $1,439; two-bedrooms are down 0.9% to $1,745; three-bedrooms are flat at $2,116 4. Meanwhile asking rents have climbed — 1BR asking is up 12.3% since November 2024 to $1,542, 2BR up 5.4% to $1,886 4. That's opened an asking-over-in-place gap of 7-8% across all three unit types 4 — the classic sign of a lease-up property renewing existing tenants below where new leases are actually pricing.

The tradeout data confirms it's turning: new leases signed at The Ridley in August traded up +1.5% (1BR), +5.0% (2BR), and July's lone 3BR signed +9.3% over the outgoing tenant 5 — after several months of negative tradeouts earlier in the year. If that tradeout trend holds through the remaining ~155 units still on original 2024 leases, there's real mark-to-market room here without touching the unit mix.

Rent roll:

Bottom line: this isn't an underperforming asset on rent — it's a young property still stabilizing occupancy, with a widening gap between what leases in place are paying and what the market will now bear. The lever here is turnover pricing, not rate cuts.