Vestcor sells thirty-one local condos for $2.1M

Walchle Lear Multifamily Advisors informed Historic City News reporters that their firm brokered two deals last month with local area developer Vestcor Companies.

Thirty-one condominium units at the Cottages at Winding Creek in St. Augustine have sold for $2.1 million, according to public records.

Ninety-six units are still under construction; however, they are under contract to sell to the same buyer for about $5.9 million when they are completed around September.

Jacksonville-based Vestcor sold the condos at the 184-unit community off US-1 near SR-206 to Inland Real Estate Corp. of Massachusetts last week.

Inland (NYSE: IRC), a real estate investment trust, also paid $10.88 million to acquire more than 70 percent of the remaining unsold condos at the Cottages at Stoney Creek in Yulee which were developed by Vestcor.