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Colliers International Northeast Florida Brokers $10.55 Million Sale of Multifamily Community

October 10th, 2018 · Leave a Comment

Representatives from Colliers International Northeast Florida brokered the $10.55 million sale of Villas Continental, a fractured apartment community located directly on the St. Johns River in Orange Park.Venterra Realty Inc. purchased the community from TR Jax, LLC. Bradley Coe, Morgan Williams and Douglas Blair, Directors of Multifamily Investment Services for Colliers International Northeast Florida, represented Venterra Realty Inc., in the transaction. Josh Nugent and Liz Bobeck, Realtors with Berkshire Hathaway HomeServices Florida Network Realty, represented the seller. The sale closed on September 27, 2018.

The fractured community consists of 84 apartment rental units out of a total of 99 units. The remaining 15 units are fee-simple owned condominium residences. Villas Continental is located within the footprint Club Continental, a luxury private resort and club that includes a boutique hotel and event venue.

The concrete block community was constructed in the late 1960s and consists of 12 two-story rental buildings, a fitness center, a protected yacht basin and a permitted marina. The unit mix comprises six one-bedroom units, 43 two-bedroom units and 35 three-bedroom units, with a blended average unit size of 1,192 square feet. All of the rental unit interiors were previously upgraded with high-end finishes such as granite countertops, stainless steel appliances, nickel fixtures and enhanced lighting and flooring materials.

Villas Continental represents the second fractured community that Venterra has purchased in the Jacksonville MSA within the past year. The Colliers International Northeast Florida multifamily team assisted Venterra in purchasing Cobblestone at Eagle Harbor, a 190-unit fractured community located in Fleming Island, in October 2017.

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