Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of The Point Daytona, a 128-unit apartment property located in Daytona Beach, FL, according to David Bradley, Regional Manager of the firm’s Tampa office. The asset sold for $9,550,000.
Ned Roberts, Jason Hague and Adam Podbelski, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
“This deal presented three primary challenges: a required agency loan assumption, below-market occupancy and, of course, COVID-19,” said Roberts. “We worked collaboratively to overcome each of these challenges and are proud to have executed this successful closing,” he added.
“The buyer plans a very comprehensive rehabilitation project in an effort to not only stabilize the asset, but to improve the tenant base and add substantial value by increasing rents significantly after completion of the renovations. The buyer understood that the rents at the property were some of the lowest in the submarket and they felt they had the experience to be able to transform the property” said Hague.
The Point Daytona is located at 465 Brentwood Dr in Daytona Beach, FL. The asset includes a mix of one- and two-bedroom units and features concrete block construction. Amenities include a swimming pool, on-site laundry facility, leasing office and playgrounds.