North FL Value-Add Apartments Sell for $13M

NorthMarq Capital originated more than $8 million in acquisition financing through Freddie Mac for the purchase of the 100-unit Class B asset.
Atlantica Apartments

Becovic Management Group has sold Atlantica Apartments, a 100-unit Class B community near Jacksonville, Fla., for $12.6 million, according to Duval County records. The buyer, a private investor, secured $8.2 million in Freddie Mac acquisition financing through NorthMarq Capital. The loan matures in 2029.

The asset last sold in February 2016, according to Yardi Matrix, when Palatine Capital Partners sold the property for $7.8 million.

Located at 2760 Mayport Road in Atlantic Beach, Fla., the garden-style community’s seven buildings are 2 miles north of Mariner’s Village, a 120-unit asset that changed hands for more than $10 million earlier in March. The property is 1 mile north of the Highway A1A retail corridor and a stone’s throw from Mayport Naval Station.

Atlantica, completed in 1987, is a community of two-bedroom, 942-square-foot units. Property amenities include a clubhouse, fitness center and swimming pool, along with roughly 240 parking spaces. In February, the asset was 99 percent occupied, per data from Yardi Matrix.

Image via Google Maps