Cushman & Wakefield Negotiates FL Community Sale
- Oct 03, 2017
Cushman & Wakefield represented GoldOller Real Estate Investments in the sale of a 296-unit community in Port Orange, Fla. The transaction closed at $30.3 million on behalf of a joint venture between ApexOne Investment Partners and The Collier Cos.
“Ocean Oaks Apartments provided investors with the opportunity to acquire a value-add asset in the desirable Volusia County multifamily market. Significant investor interest was driven by exceptional fundamentals at the property, which has exhibited notable rent and revenue growth,” said Cushman & Wakefield Senior Director Jay Ballard, in prepared remarks.
Ballard and Senior Director Ken Delvillar negotiated the deal on behalf of GoldOller, which has been recently focusing its multifamily acquisition strategy on assets located mainly in the northeast area.
Close to educational centers
Ocean Oaks Apartments comprises 37 buildings developed in 1988, located on a 21-acre lot at 1645 Dunlawton Ave. The property is south of Daytona Beach, Fla., and offers convenient access to several colleges and universities, such as Nova Southeastern University, Daytona State College, The College of Medicine of Florida State University and Phoenix East Aviation. They are all located less than 10 miles away via Interstate 95. Daytona Beach International Airport is also some 10 miles away.
The community offers one and two-bedroom units renting for $948, on average. The units feature custom gourmet kitchens, faux wood and ceramic tile flooring, screened balconies and patios, and in-unit washers and dryers. Amenities include a clubhouse, playground, business center, fitness center, tennis and basketball courts, and two swimming pools.
Image courtesy of Cushman & Wakefield