Ocean’s Edge condos sold to Ironshore

18 01 2011

Ironshore Capital LLC., a Fort Lauderdale-based residential real estate investment and development firm, just announced that it has acquired Water’s Edge, an oceanfront condominium community in Jacksonville Beach.

Ironshore Capital LLC. purchased the seven-story building at 123 First Street South. Terms of the sale were not disclosed.

“We acquired Water’s Edge because it is a quality building in a superior location on Jacksonville Beach. We were fortunate to be able to acquire the property when the capital markets were severely distressed,” Ironshore Capital executive Jack Rodgers said in a news release.

Rodgers said the 12 remaining units will be available from the low $400,000s — “as much as a 60 percent reduction from the original offering.”

Ironshore has made interior and exterior improvements to Water’s Edge and will open the building for sales Saturday.

Jacksonville-based Carat Realty has been hired to handle sales at the community.

“Ironshore Capital has financial wherewithal, residential real estate experience and a strong commitment to long-term value. They recognize that Water’s Edge is an exceptional oceanfront property,” Ron Buckley of Carat Realty said in the release. “The firm acquired Water’s Edge at a price that will allow it to pass along incredible discounts to buyers in today’s real estate market.”

Source: Jacksonville Business Journal

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