The Cove at Atlantic Beach sold to out-of-state investor - Jacksonville Business Journal

  • 📰 JaxBizJournal
  • ⏱ Reading Time:
  • 48 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 51%

Business News News

Business Business Latest News,Business Business Headlines

The Cove at Atlantic Beach sold to out-of-state investor

The Cove at Atlantic Beach, a 204-unit multifamily property located at 2160 Mayport Road, has a new owner.

CBRE recently announced the sale and acquisition financing for The Cove. CBRE’s Cliff Taylor and Joe Ayers represented the seller, California-based Laguna Point Properties, in the transaction. Jeff Kinney and Philip Rachels with CBRE worked on behalf of the borrower, Ohio-based Urban Land Company, to secure Floating Rate Bridge Debt from Argentic. According to county records, the sale was for $27.287 million, and the amount borrowed was $33 million.for $24.569 million, purchasing it from Atlanta-based Carroll Organization, which bought the property in 2014 for $13.025 million.

According to a release, Urban Land plans to upgrade unit interiors and improve the overall aesthetic appeal of the property in the popular beaches market. Built in 1986, The Cove features a mix of one-, two- and three-bedroom apartments with an average unit size of 922 square feet. Amenities include a fitness center, swimming pool, playground and clubhouse.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 599. in BUSİNESS

Business Business Latest News, Business Business Headlines