New Owner Emerges for Spanish Villas in Daytona Beach
- May 05, 2016
South Daytona, Fla.—Marcus & Millichap announced the sale of Spanish Villas, a mid-size community in Daytona Beach. The eight two-story buildings consisting in 56 one- and two-bedroom apartments were sold for $2.7 million. Allan Holbrook, associate in Marcus & Millichap’s Jacksonville office, Nicholas Meoli and Michael Donaldson, both VP of Investments in the firm’s Tampa office, mediated the transaction.
The community, located at 1648 Palmetto Ave., was built in 1974 and has 13 one-bedroom units with a 710 rentable square feet and 43 two-bedroom apartments with 938, respectively 1,010 rentable square feet. According to Yardi Matrix, the average rent is $760, the same as in 2015. Occupancy rate is 94.6 percent.
“The out-of-area buyer found the consistent income stream appealing and saw an ability to increase revenue through further rent increases and various property improvements”, said Allan Holbrook.
Common amenities include laundry facilities and an 80-space parking, and high speed Internet access for each apartment unit. The property was last sold in 2006 to a local investor for almost $3.5 million. Competition was high for this most recent listing. “Through our national marketing campaign, we generated 100 registered buyers and seven written offers, ultimately closing within 96 percent of the list price”, Meoli said in a prepared statement.
Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services, with over 8,700 transactions closed in 2015.
Image courtesy of Yardi Matrix