Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Kabana Waterfront Living, a 108-unit apartment complex in Holly Hill, Florida.
“With breathtaking water views in a resort-style setting, Kabana offers enormous upside potential from continued unit interior enhancements,” said Luke Wickham, IPA senior managing director investments. “Previous ownership upgraded a handful of units and made significant improvements to the common area amenities and building exteriors, including all new roofs. Our buyer has minimal capital expenditure requirements going forward and the property is poised to benefit from Daytona Beach multifamily market’s 5.3% rent growth and 4.2 percent employment growth.”
Wickham and IPA’s Shelton Granade, Justin Basquill, and Sean Williams had the exclusive listing to market the property on behalf of the seller, Inman Equities, and procured the buyer, Bella Property.
Built in 1972 with 350 feet of frontage along the Halifax River, the property is adjacent to the Marina Grande condo towers, less than one mile from the Daytona Beach Main Street Pier and the white-sand beaches of the Atlantic coast. The new beachfront Hard Rock Hotel Daytona is a mile away and the Daytona International Speedway is within five miles. Shopping and entertainment are nearby at the Tanger Factory Outlet Mall and the Pavilion at Port Orange.
Kabana Waterfront Living has a private dock, and a resort-style swimming pool. The pool area and most units have water views. The unit mix is all one- and two-bedroom apartments, all of which have private patios or balconies.
