The Real Deal Miami

Clay County apartments command $16.5 million

The rental component of the Cobblestone at Eagle Harbor Apartments sold for $98,190 per apartment
December 23, 2017 02:30PM

Cobblestone at Eagle Harbor Apartments (Credit: Zillow)

The rental component of a residential complex just south of Jacksonville sold for $16.5 million or $98,190 per apartment.

Larkspur Properties sold the 168 apartments at the Cobblestone at Eagle Harbor Apartments complex to Venterra Realty.

Cobblestone at Eagle Harbor, a residential complex that also has 160 condominium units, is located in Fleming Island, an unincorporated area of Clay County.

The 39-acre development has 41 two-story buildings, two swimming pools, a clubhouse and a gym.

It was built in 1998 as a rental property and some of the units later were converted to condos. The apartments were 95 percent occupied when the sale closed.

The property has one-bedroom, one-bathroom units that average 823 square feet; two-bedroom, two-bathroom units that average 1,068 square feet, and  three-bedroom, three-bathroom units that average 1,210 square feet.

The sale was brokered by Bradley Coe, Douglas Blair and Morgan Williams of brokerage firm Colliers International Northwest Florida.

Coe told the Jacksonville Daily Record that the new owner plans to upgrade the apartments and to raise their monthly rents by $150 per unit. [Jacksonville Daily Record] – Mike Seemuth