Cushman & Wakefield has arranged the sale of Ridgecrest Park Apartments, a 275-unit, garden-style multifamily asset in Daytona Beach. The property sold for $25.1 million and presents significant value-add potential.
Executive Managing Director Mike Donaldson and Executive Managing Director Nick Meoli, with Cushman & Wakefield’s Florida Multifamily Investment Sales Team, represented the seller, Eastern Property Real Estate Group, which owned the asset for 45 years. The buyer is Covenant Capital Group, a Nashville-based real estate private equity firm.
Ridgecrest Park Apartments was 97 percent occupied at the time of sale. At 1400 S. Nova Road, the community sits on approximately 45 acres offering spacious one- and two-bedroom units in single-story “villa-style” buildings. Units average 888 square feet and feature private screened-in patios and extra storage space. The average market rent is $850.
The property was built in 1967 and has been frequently updated. Recent renovations include refaced cabinets, new kitchen backsplashes, new vinyl plank flooring, as well as installation of washer/dryer connections and updated bathroom vanities.
“Ridgecrest Park presents a rare opportunity to acquire a 275-unit community that had been owned by the seller for an impressive 45-year hold period,” said Donaldson. “Although the property was built in 1967, it has been meticulously maintained and upgraded over the years and offers unique single-story villa units, boasting some of the largest floorplans in the market.”
Added Meoli, “Buyers were immediately attracted to the low-density curb appeal of the property with only six units per acre, as well as the upside potential, which poses the ability to increase rents over $200 through additional updates. As a result of these attributes, we were able to procure 25 offers and ultimately closed with Covenant Capital Group, who plans to continue renovations and reposition the community.”
Community amenities at Ridgecrest Park include a swimming pool with a sundeck, a barbeque/picnic area, a serenity garden, a fully equipped fitness center, an on-site laundry facility, a dog park and a clubhouse. The community’s location in Daytona Beach offers proximity to Florida’s world-famous east coast beaches, as well as the Daytona Beach International Airport and Embry-Riddle Aeronautical University. It is also close to several major highways systems inlcuding Interstate 95, and an abundance of shopping center retail.
Cushman & Wakefield’s Florida Multifamily Team is directed by Robert Given and includes Donaldson and Meoli as well as Brad Capas in West-Central Florida; Jay Ballard and Ken Delvillar in Central Florida; and Zachary Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn and Perry Synanidis in South Florida. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance for the team throughout Florida.