National Property REIT Trades Jacksonville Community

Laguna Point Properties acquired the 204-unit Class B multifamily asset for nearly $25 million, financed with a $17.4 million acquisition loan.
The Cove at Atlantic Beach

National Property REIT Corp. has sold The Cove at Atlantic Beach, a 204-unit Class B community near Jacksonville, Fla., for $24.8 million to Laguna Point Properties, according to public records. CBRE Capital Markets originated $17.4 million in Freddie Mac acquisition financing for the buyer. The loan matures in January 2029.

Located at 2160 Mayport Road in Atlantic Beach, Fla., the asset’s 26 two-story buildings are near Highway A1A, less than 20 miles East of central Jacksonville. Nearby bus stops connect the area to the wider metro. A variety of dining and shopping options are in the immediate area, along the Mayport Road retail corridor.

The community, built in 1986, contains a mix of one-, two- and three-bedroom apartments, with unit floorplans ranging from 773 to 1,025 square feet. Amenities include a fitness center, swimming pool, playground and clubhouse, as well as Wi-Fi in common areas. In November, the asset was 96.6 percent occupied, according to Yardi Matrix.

Earlier this month, a newly built luxury community 15 miles southwest of The Cove at Atlantic Beach changed hands for roughly $47 million. The asset, which opened in May, was nearly 90 percent occupied.

Image courtesy of Yardi Matrix