CAG Acquires South Fla. Site for Luxury Multifamily Project
- Nov 01, 2018
Capital Apartment Group (CAG) has acquired a 12.5-acre parcel for $4.5 million in South Daytona Beach, Fla., with plans to develop a 256-unit luxury multifamily community spread across four, four-story, garden-style buildings.
The company expects to break ground on the development at 3230 Ridgewood in March 2019 and complete the project a year later.
“The area needs quality Class A, highly amenitized apartments,” Brian Mylett, managing partner of CAG, said in a prepared statement. “3230 Ridgewood will be directly across from the Intracoastal Waterway, offering views of it and the Atlantic Ocean from the top floors. It’s only a one-and- a-half-mile bike ride to the beach. Everyone wants to live close to the water and the beach while still having quick access to I-95–the best of both worlds.”
Mylett also noted the property is close to restaurants and stores, including a CVS and a Publix supermarket located a half-mile north.
The apartment community at 3230 Ridgewood will offer one-, two- and three-bedroom units with upscale finishes, kitchen islands with granite countertops, stainless steel appliances, custom cabinetry, designer-quality flooring, walk-in closets, full-size washers and dryers and private balconies.
The developer also plans to build an 8,000-square-foot clubhouse that will include a fitness center, commercial kitchen, commercial kitchen with internet café and free Wi-Fi, lounge and media room. Other community amenities will include:
- resort-style swimming pool and spa
- dog park and dog wash station
- grilling area
- fire pit
- children’s playground
- car-care center
- limited number of private garages
- electric plug-in stations for cars
- on-site management
- camera surveillance
- electronic rent payment capabilities
The property is situated in a qualified federal Opportunity Zone, approved as part of the 2017 tax bill that gives developers tax advantages for investing in certain areas throughout the country.
“In fact, if the property is held for more than ten years, there are no capital gains taxes on the property appreciation,” Mylett said.
In addition to Mylett, the 3230 Ridgewood team includes CAG Managing Partner Josh McAlees; Ronald Gaither, COO; and Erika Stilwell, CIO. Also cited as part of the project’s team are mezzanine lender and partner Magnifico Capital LLC; general contractor Land South Construction; David McDaniel, principal and founder of Integra Land Co., construction manager; and Beatrice Hernandez, partner and and director of design at MSA Architects Inc.
Other multifamily activity in the region includes a two-property portfolio in Daytona Beach that traded for a total of $37 million in early October. Burlington Capital Group acquired Lake Forest Apartments, a 240-unit community, and the 144-unit Jade Park community. 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.
Image courtesy of Capital Apartment Group