March 16, 2020
CBRE has arranged the sale of Ocean Blue Apartments, a 156-unit multifamily property on Jacksonville’s Atlantic Beach. The sales price was not disclosed. Cliff Taylor and Joe Ayers of CBRE represented the seller, Indiana-based Becovic Management Group, in the transaction. The buyer was an affiliate of EBSCO Income Properties.
Located at 2701 Mayport Rd., the gated community was built in 2018 and is nearby the Beaches Town Center in Atlantic Beach.
“We are witnessing a sharp increase in the demand for high-quality multifamily units within our Northeast Florida beaches submarket,” said Ayers. “The seller delivered a beautiful product in Ocean Blue that set a new bar for luxury apartments on Jacksonville’s coast. With extremely high barriers to entry and a very limited supply pipeline at the beach, Ocean Blue is well-positioned to continue to perform at a high level.”
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Tags: Apartments & Multifamily