PONTE VEDRA BEACH, FL—Locally-based multifamily real estate investment firm Cocke Finkelstein Inc. has acquired the Remington at Ponte Vedra Lakes, a 344-unit, garden-style apartment community, here for $35.35 million.

Remington at Ponte Vedra Lakes was built in 1986 and sits on more than 28 acres. The development features one- and two-bedroom floor plans. Amenities include varied recreational facilities including a racquetball court, full fitness center, kids' playground and two year-round outdoor swimming pools; a car-care center; dog parks and numerous bridges, gazebos and lakeside vistas.

Company officials say that a multimillion-dollar renovation program is planned for the community that will commence immediately and will include major enhancements and modernization to both exterior and interiors, as well and new and expanded amenities throughout the site.

CFLane, the apartment management subsidiary of CFI, will manage the community, which was 96% leased when the transaction closed on Oct. 24.

“Remington at Ponte Vedra Lakes is an outstanding addition to our portfolio, and reinforces our commitment to seeking opportunities to both own and manage assets in the state of Florida, ” says Byron Cocke, CEO of CFI and CFLane. “This is a rare opportunity when you consider the amazing location to both the beach and Jacksonville's bustling corporate centers, as well as the limited amount of garden-style rentals in Ponte Vedra Beach.”