Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of Shoreline Apartments, a 206-unit apartment community located in Jacksonville, Florida, on behalf of SBD Tradewinds, L.P. The final sale price was $19.6 million.
Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller in the transaction. A real estate fund managed by Covenant Capital Group LLC acquired the property.
“Shoreline Apartments is a rare riverfront apartment community with views of downtown Jacksonville over the Cedar and Ortega rivers,” Donaldson said. “The buyer recently acquired the two communities next door, making this sale the completion of all three apartment complexes on the Confederate Point peninsula.”
Located at 4455 Confederate Point Road, the property was 94 percent leased at the time of the sale. Amenities include three swimming pools, a tennis court, 1,600 feet of frontage to the Ortega River with a fishing pier and boat dock, fitness center and clubhouse.
“With expansive floor plans averaging 1,100 square feet and an abundant amenity package, the buyer plans extensive renovations to take advantage of the asset’s unique location and attributes,” Meoli said.