Jacksonville-Area Community Changes Hands

AmveStar Capital paid more than $10 million for the 120-unit Class B community. The asset last changed hands in 2016 for $7.6 million.
Mariner’s Village

AmveStar Capital has acquired Mariner’s Village, a 120-unit Class B community near Jacksonville, Fla., from a Canadian investor for $10.2 million, according to county records. The asset last changed hands in February 2016 for $7.6 million, per Yardi Matrix data.

Located at 2130 Mayport Road in Atlantic Beach, Fla., the garden-style community’s 15 two-story buildings are situated roughly 15 miles east of downtown Jacksonville. A wide variety of retail options and hotels are half a mile north, and the Atlantic Beach Country Club is across the street. The U.S. Navy’s Mayport Naval Station is located 2 miles north.

Mariner’s Village contains one-bedroom apartments and two-bedroom townhome units, with floorplans ranging between 640 and 1,200 square feet. Amenities include a swimming pool, a playground, laundry facilities and storage space. As of January, the pet-friendly asset was 90.8 percent occupied, per Yardi Matrix.

In December 2018, a 204-unit community next door to Mariner’s Village changed hands in a nearly $25 million deal. CBRE provided Freddie Mac acquisition financing for the buyer.

Image courtesy of Yardi Matrix