JV Acquires $30M FL Community

ApexOne Investment Partners and Collier Cos. have secured Ocean Oaks Apartments in Volusia County. The circa 1988 property includes 37 buildings and 296 units.

Ocean Oaks ApartmentsA 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.

Disposition

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.”