FL Coast Community Changes Hands

Dougherty Mortgage originated a Fannie Mae loan on behalf of a joint venture to purchase Eagle Point Apartments, a 128-unit market-rate property in Daytona Beach.
Eagle Point Apartments

A joint venture between two private investors has acquired the Eagle Point Apartments, a 128-unit market-rate community in Daytona Beach, Fla. The transaction’s value was $9.4 million, according to public records. The buyer financed the purchase with a 12-year, 30-year amortization Fannie Mae loan provided by Dougherty Mortgage.

The Class C asset last changed hands in 2016, when Pacific Real Estate Management traded the property for $4.7 million to a local investor, according to Yardi Matrix.

Located at 458 Brentwood Drive, the community is positioned within 2 miles of the beach and 5 miles east of Interstate 95. The property is a short distance from the Ridgewood Avenue retail corridor, home to a variety of shops and restaurants and served by five bus routes.

Eagle Point Apartments’ eight two-story buildings, constructed in 1973, contain 28 one-bedroom and 100 two-bedroom units, with respective floorplans of 800 and 910 square feet. Amenities include a swimming pool, a laundry facility, a community room and 140 parking spaces. The property was 99.2 percent occupied as of June, per Yardi Matrix data.

In April, Dougherty Mortgage closed a $22.7 million HUD acquisition loan for a 336-unit affordable community along Florida’s Gulf Coast.

Image courtesy of Yardi Matrix