JACKSONVILLE, Fla. – Becovic Management Group paid $27 million for The Carling and 11 East apartments in sales that closed Aug. 14, according to deeds recorded Aug. 20 with the Duval County Clerk of Court.
Becovic Management Group paid $27 million for The Carling and 11 East apartments in sales that closed Aug. 14, according to deeds recorded Aug. 20 with the Duval County Clerk of Court.
Recommended Videos
One deed shows that through BMG 11 East LLC, Becovic paid $15.5 million for 11 East. It bought the property from The Vestcor Cos. through VCP-Lynch Building Ltd.
Two more deeds show that Vestcor sold The Carling to BMG Carling LLC in two sales at $5.75 million each, totaling $11.5 million.
These sales were made through VCP-Roosevelt Building Ltd. and VCP-Roosevelt Garage LLC.
“Adding The Carling and 11E to the Becovic Companies portfolio is another step in our commitment to Jacksonville and the revitalization of its key downtown corridor,” said founder and President Muhamed Becovic in an emailed statement Aug. 17.
“Alongside the recent acquisition of the Laura Street Trio, we’re building an ecosystem that brings these engaging buildings back to life while honoring their history.”
“These investments are a reflection of our family’s core values and the legacy we’ve worked to build, reinforcing our mission to invest in Jacksonville and create lasting impact for generations to come,” Becovic said.
Nathan Walter, vice president of strategic development, said it’s been a busy time at Becovic Cos. with the acquisitions.
“We truly understand the responsibility before us: to thoughtfully restore, activate and breathe new life into these historic buildings,” he said. “Our vision is to create a dynamic work, eat, play and live ecosystem that honors their legacy while generating new energy and excitement in downtown Jacksonville.”
Privately held Becovic, based in Indiana, already owns The Residences at Barnett and the Laura Street Trio in Downtown, also on the Downtown Northbank.
The 17-story 11 E. Forsyth St. property was built in 1926. Originally known as The Lynch Building, at one time it was the headquarters for American Heritage Life Insurance Co.
Click here to read the full story on the Jacksonville Daily Record website.