InvestRes purchased Coquina Bay, a 200-unit multifamily scheme in Jacksonville, Florida, for $21.3m. Located in Jacksonville’s San Pablo submarket,the property changed hands for $106,500 per unit. ARA Newmark represented the seller, PRG Real Estate, in the transaction. To complete the sale, Berkeley Point Capital provided the buyer with $15.3m in Freddie Mac acquisition financing. Amenities include a swimming pool, a fitness center, two tennis courts and laundry facilities. At the time of the sale, the complex was 96 percent occupied. “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 Erik Bjornson, senior managing director of ARA Newmark.
