Burlington Capital Sells FL Portfolio for $37M
The portfolio included the 240-unit Lake Forest Apartments and the 144-unit Jade Park, two communities located side by side in Daytona Beach. Marcus & Millichap brokered the deal.
The Burlington Capital Group has traded a two-property portfolio in Daytona Beach, Fla., for a total of $37 million, according to Yardi Matrix. The sale included Lake Forest Apartments, a 240-unit community, and Jade Park, a 144-unit community. Marcus & Millichap represented the seller and procured the buyer in the deal.
Built in 1987, the 13-building Lake Forest Apartments occupies nearly 22 acres at 600 Jimmy Ann Drive and is comprised of a mix of one-, two- and three-bedroom units featuring washers and dryers, vaulted ceilings, above standard ceiling heights and dual-pane glass. The property is located adjacent to Jade Park, which spans 12 acres at 500 Jimmy Ann Drive. Built in 1985, the eight-building community contains one- and two-bedroom units. The properties have recently undergone renovations and feature communal area amenities such as:
- fitness center
- swimming pool
- laundry facilities
- grade level parking spaces
“Building upon the recent property enhancements by the seller, the buyer can continue renovating the units, merging the two communities as one and infusing additional capital into the curb appeal and communal area amenities,” said Michael Donaldson, senior vice president at Marcus & Millichap, in prepared remarks.
The properties are close to the Daytona International Speedway, the Volusia Square Mall and the One Daytona project. Additionally, Daytona Beach International Airport is located 5 miles from the communities.
Marcus & Millichap’s brokerage team included Senior Vice Presidents Donaldson and Nicholas Meoli. In September, Institutional Property Advisors, a division of Marcus & Millichap, arranged the sale of a 46-acre lakefront development site in Wellington, Fla.
Image courtesy of Marcus & Millichap