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Real Estate
Jax Daily Record Wednesday, Dec. 6, 201706:50 AM EST

The Cobblestone at Eagle Harbor Apartments in Fleming Island sold

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$16.5 million deal for community.
by: Andrew Warfield Staff Writer

The Cobblestone at Eagle Harbor Apartments in Fleming Island was acquired Nov. 30 by VR Cobblestone Holdings LP (Venterra Realty) for almost $16.5 million.

The community conprises 168 rental units and 160 condominiums. The 168 rental units were purchased for $98,190 each.

Larkspur Eagle Harbor LLC (Larkspur Properties) sold the community at 1717 Doctors Inlet Road.

The 39-acre community was built in 1998 and comprises 41 two-story rental buildings, a clubhouse, fitness center and two swimming pools.

The property was built as a rental community, and later some units were converted to condos.

The unit mix at sale consisted of 52 one-bedroom/one-bathroom units at an average of 823 square feet; 87 two-bedroom/two-bathroom units at an average of 1,068 square feet; and 29 three-bedroom/two- bathroom units at an average of 1,210 square feet.

The rental units were 95 percent occupied.

Bradley Coe, Douglas Blair and  Morgan Williams of Multifamily Investment Services at Colliers International Northeast Florida brokered the sale.

“The purchasing entity is an integrated private company that specializes in acquiring, operating and managing apartment communities,” Coe said.

Coe said the buyer plans to upgrade the apartment finishes and amenities, resulting in a rent increase of $150 per unit.

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