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.