PRG Real Estate has sold Coquina Bay, a 200-unit multifamily asset in Jacksonville, Fla., to InvestRes for $21.3 million. Berkeley Point Capital provided the buyer with $15.3 million in Freddie Mac acquisition financing, according to Yardi Matrix. The loan matures in 2028.
ARA Newmark’s Erik Bjornson represented PRG in the transaction.
Located at 3709 San Pablo Road S. in Jacksonville’s San Pablo submarket, the community is half a mile from the Beach Boulevard retail corridor, 15 miles from the city’s central business district. Jacksonville Beach lies 3 miles east.
“The community is well-positioned for a substantial value-add program and is primed to benefit from its location, with proximity to both the Beaches and Southside/Town Center submarkets,” said Bjornson, senior managing director of ARA Newmark, in a prepared statement.
The community comprises a mix of one- to three-bedroom units, with floorplans ranging from 700 to 1,200 square feet. Amenities include a swimming pool, a fitness center, two tennis courts and laundry facilities. The asset was 96 percent occupied at the time of the sale.
In February, PRG offloaded another of its holdings, the 144-unit Beacon Ridge Apartment Homes in Greenville, S.C.
Image courtesy of Yardi Matrix