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Remaining Amelia Island Units Sell for $19M

JACKSONVILLE-Units at the Cottages at Stoney Creek Condominium, which were completed in 2006, were sold to a bulk buyer from the Northeast.

By Hortense Leon | Updated on April 25, 2010

JACKSONVILLE, FL-An unknown bulk buyer from the Northeast paid $10.88 million, or $68,000 per unit, for the 160 remaining units at the Cottages at Stoney Creek Condominium in Amelia Island, FL near Jacksonville. The sale, which closed on April 21, was brokered by locally based Walchle Lear Multifamily Advisors, which represented the seller.

The development consists of 28 two-story buildings with two and three bedroom units, which have an average of 1,472 square feet. There are 224 units altogether.

At the Cottages at Stoney Creek, which was finished in 2006, 64 of the units were sold to individual buyers, for an average of $150,000, says Erik Bjornson, a Walchle Lear broker who worked on the deal. The largest units went for $200,000, he says.

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