DAYTONA BEACH, Fla., August 6, 2018 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Eagle Point of Daytona, a 128-unit apartment property located in Daytona Beach, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $9,350,000.
Michael Donaldson and Nicholas Meoli, senior vice presidents in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company based in Ormond Beach, Fla. The buyer, a private investor, was secured and represented by Ned Roberts, an investment specialist in Marcus & Millichap’s Tampa office.
“The Daytona Beach submarket has gained significant attention from multifamily investors in recent years due to millions in ongoing development, rent growth that has attained top ranking in the nation and continued renter demand outpacing incoming supply,” stated Mr. Donaldson.
“Eagle Point is a prime investment capitalizing on these positive trends taking place in the area, with majority two-bedroom units and an excellent repositioning opportunity. Through our national marketing campaign, we generated over 330 registered buyers and procured 11 offers – a testament to the demand for properties in secondary Florida markets such as Daytona Beach,” adds Mr. Meoli.
“The buyer intends to implement a renovation strategy to bring the community on par with some other renovated communities in the area, while also increasing the curb appeal and adding additional amenities,” says Mr. Roberts.
Eagle Point of Dayton is a 128-unit community built in 1973, comprised of 32 one-bedroom/one-bath units and 96 two-bedroom/one-bath units. Eagle Point of Daytona is located at 456 Brentwood Drive in Daytona Beach, Fla.
# # #
About Marcus & Millichap (NYSE: MMI)
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com