After 43 years of running the business, the owners of Ocean Grovein St. Augustine, Florida have sold the to Key International and Wexford Real Estate Investors for $15.117.
According to a report, the deal for the 18-acrewith 208 sites closed this week. Ocean Grove is situated at 4225 A1A South, just across the street from the beach.
The acquisition is Key International’s firstas it diversifies its portfolio beyond traditional developments. The company developed Embassy Suites in St. Augustine Beach, just a few miles north of the .
“We’re thrilled to diversify ourportfolio further as habits continue to evolve,” said Michael Vassilaros, chief officer at Key International, in a release. The and [industries] have seen tremendous growth, and the number of first-time has skyrocketed.”
“We look forward to applying our expertise in site selection, quality, and impactfulprojects to this new sector, and we are lucky to be able to start with a market we know so well given our success with the Embassy Suites by Hilton St. Augustine Beach Oceanfront located less than 4 miles away.”
Key International plans to improve the restaurant, landscaping, and overall experience for customers.
This was a unique opportunity for us to expand our press release.portfolio in a market and sector that are experiencing significant growth,” said Philip Braunstein, managing principal of Wexford Real Estate Investors, in the
“Interest in this area of, and specifically St. Augustine, has grown rapidly over the last several years, and with the combined experience of our team and Key International, we look forward to continuing that growth and adding to the experience.”
IVEE Group, an Atlanta, Georgia-based management company, will manage the full-service pet-friendly . It manages ten and parks across seven states, totaling 1,800 . According to a release, the company will retain all the current Ocean Grove staff as they begin to implement a new system of management.
“The IVEE Management Group is thrilled to add the Ocean Grove to our portfolio,” IVEE Management Group COO Tom Mason told Modern .
“The IVEE Management Group brings years ofbest practices to this space. That, combined with the location and experience brought by Key International and WREI—we have something truly special.”
Themanagement company has a consistent record of year-over-year financial growth focusing on satisfaction, engaged associates, and operation excellence, Mason added.
Ocean Grove features a range of facilities, including water access, a boat ramp, basketball court, kayaks, fishing, bike rentals, and separate pools for adults and children.