Becovic Management Group of Indiana bought more Atlantic Beach property last week, just north of vacant land it bought in December for a luxury apartment development called Ocean Blue Apartments.
Through BMG Atlantica LLC, Becovic paid $7.8 million Friday for the Atlantica Apartment community at 2760 Mayport Road. The 100-unit complex sold for $78,000 a unit.
Miami Beach-based Palatine Capital Partners Management LLC, through PAL MF Atlantic Beach LLC, sold the community.
Bradley Coe, director of Multifamily Investment Services, and Douglas Blair, managing director of Multifamily Investment Services, both at Colliers International Northeast Florida, brokered the transaction between the buyer and seller.
Atlantica was developed in 1987 and completely renovated in 2006-07, they said in a news release.
The property comprises six two-story buildings that each contains 16 units and one, one-story building of four units.
In December, Becovic Management Group bought a 15.5-acre vacant site just south of the Atlantica community on the east side of Florida A1A.
The news release said BMG intends to start construction in April on the Ocean Blue Apartments. That community will comprise 156 Class A units among seven two-story buildings. It will offer high-end amenities and 28 parking garages.