JACKSONVILLE, Fla. – July 30, 2021 – Berkadia today announced the sale of Coquina Bay, a 200-unit garden-style multifamily property located in Jacksonville, Florida. Director Greg Rainey and Managing Director Matt Wilcox of Berkadia Jacksonville, Managing Director Brett Moss and Senior Managing Director Cole Whitaker of Berkadia Orlando and Managing Director Jason Stanton of Berkadia Tampa, along with support from their local Berkadia colleagues, together completed the $40 million sale on behalf of the seller, Texas-based InvestRes. The buyer was a New York-based institutional fund advisor, and the deal closed on July 22.
“Coquina Bay is the most recent example of how competitive Jacksonville’s multifamily market has become,” said Rainey. “The seller did an outstanding job of setting a value-add blueprint for the market, and our team is excited to witness the passing of the baton to the buyer as they continue to realize the potential of this asset.”
Located at 3709 San Pablo Road S, Coquina Bay features one-, two- and three-bedroom floor plans with wood burning fireplaces and in-unit washers and dryers. Community amenities include a swimming pool, a fitness center, a yoga studio, a business center, a clubhouse, a tennis court and a dog park. The property affords residents convenient access to Mayo Clinic and The Jacksonville Beaches.