ORANGE PARK – Representatives from Colliers International Northeast Florida brokered the $10.55 million sale of Villas Continental, a fractured apartment community 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 Florida Network Realty, represented the seller. The sale closed on Sept. 27.

The 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 of 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 metro Jacksonville in the past year. The Colliers International Northeast Florida multifamily team assisted Venterra in purchasing Cobblestone at Eagle Harbor, a 190-unit fractured community located on Fleming Island, in October 2017.

“The two fractured communities are strong additions to Venterra’s existing portfolio of holdings in Jacksonville, which includes two additional conventional apartment communities totaling 520 units,” said Coe. “The Orange Park submarket continues to perform strongly from a multifamily fundamentals perspective, with rental rate growth of 7.2 percent over the past 24 months and a present vacancy rate of 2.5 percent.”