Jacksonville, FL

CBRE Arranges Sale and Acquisition Financing for The Cove at Atlantic Beach in Jacksonville

November 7, 2022

Swimming pool at the Cove at Atlantic Beach

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Liz Kamper

Corporate Communications Specialist

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CBRE has announced the sale and acquisition financing for The Cove at Atlantic Beach, a 204-unit multifamily property located at 2160 Mayport Road in Jacksonville, Fla.

CBRE’s Cliff Taylor and Joe Ayers represented the seller, California-based Laguna Point Properties, in the transaction.

Jeff Kinney and Philip Rachels with CBRE worked on behalf of the borrower, Ohio-based Urban Land Company, to secure Floating Rate Bridge Debt from Argentic.

With its comprehensive renovation plan, Urban Land plans to upgrade unit interiors and improve the overall aesthetic appeal of the property in the popular beaches market.

Built in 1986, The Cove at Atlantic Beach features a mix of one-, two- and three-bedroom apartments with an average unit size of 922 square feet. Amenities include a fitness center, swimming pool, playground and clubhouse.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.