By D.C. Stribling, Contributing Editor
A joint venture of ApexOne Investment Partners and the Collier Cos. has acquired Ocean Oaks Apartments for $30.25 million ($102,196 per unit). The property is a 296-unit apartment community in Volusia County, Fla.
Ocean Oaks Apartments is garden community comprising 37 buildings. The property was developed in 1988 on a 21.1-acre site at 1645 Dunlawton Ave., just south of Daytona Beach.
The community offers a mix of one- and two-bedroom units, with the average unit at 903 square feet. The average rent was $948 at the time of sale. Common amenities include a clubhouse, playground, lighted tennis and basketball courts, business center, fitness center, clothes care center and two swimming pools.
Cushman & Wakefield senior directors Jay Ballard and Ken Delvillar represented GoldOller Real Estate Investments in the disposition.
“Ocean Oaks Apartments provided investors with the opportunity to acquire a value-add asset in the Volusia County multifamily market,” said Ballard. “Significant investor interest was driven by the fundamentals at the property, which has exhibited notable rent and revenue growth.”