Cushman & Wakefield Closes $19M Sale of 2 Florida Communities
- Jan 18, 2021
Cushman & Wakefield has brokered the combined $19.2 million disposition of Southern Villas and Whisper Oaks Villas, two adjacent townhome properties in Daytona Beach, Fla. The brokerage also arranged acquisition financing through Ameris Bank.
Executive Managing Directors Mike Donaldson and Nick Meoli represented the sellers, while Vice Chairman Denny St. Romain, Senior Director Charles Crapse and Director Alex Kupp worked on behalf of the buyer, Lohman Apartments.
Mandrake Daytona Corp. bought the 105-unit Whisper Oaks Villas in 2006 for $8.2 million, according to Yardi Matrix. The asset commanded $12.5 million in the current deal. Styles Holdings sold the 58-unit Southern Villas for $6.8 million, following its 2015 purchase for $3.2 million. The new owner plans to renovate the communities through its management platform, Starr Properties, according to Donaldson.
Whisper Oaks Villas is located at 300 Forest Glen Blvd. near Daytona Beach International Airport, less than 5 miles from interstates 4 and 95. Dating back to the mid-1980s, the community offers a unit mix of two- and three-bedroom floorplans and a swimming pool. The property was fully occupied at the time of the deal.
Built in 1983, the neighboring Southern Villas community at 239 Oak Tree Circle has two- and three-bedroom layouts. Amenities include a swimming pool and tennis court.
Earlier this month, Cushman & Wakefield partnered with Lohman Apartments for another Florida sale. The 189-unit property traded for $18 million, marking buyer DASMEN Residential’s debut in the Orlando, Fla. market.