Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of Hilltop Apartments at Daytona, a 128-unit apartment community located at 464 Brentwood Dr.
Mike Donaldson and Nick Meoli of Cushman & Wakefield represented both the seller and buyer in the transaction. The property was sold by Knickerbocker Asset Management and joint venture partner, Capstone Realty Group, USA, and acquired by Disrupt Equity.
“Hilltop Apartments at Daytona is a well renovated mid-size community in Daytona Beach with a great amenity package, desirable floor plans, and a central location within short commute of major points of interest in the city,” said Donaldson, Vice Chairman at Cushman & Wakefield. “The property has received over $1.2 million in capital improvements from the seller that transformed the property into desirable workforce housing for the area.”
“We are excited to have completed our business plan for this project in a shorter time period than initially planned,” said Justin Mohr, Principal at Knickerbocker. “The significant value-add is exemplary of our investment strategy to acquire well-located multifamily properties below replacement cost in growth markets.”
Built in 1973, Hilltop Apartments at Daytona was 97 percent leased at the time of sale. The garden-style community features eight buildings spanning two stories each and is within close proximity to Daytona Beach’s best attractions along with the Daytona Beach International Airport and the city’s major employment centers.
Amenities include a recently renovated leasing office and laundry facility, swimming pool, and grilling stations. Hilltop Apartments at Daytona also offers value-add opportunity through expansion of the current amenities offered and continued renovations to a select portion of the property’s units.
According to Managing Partner, Brad Gillman of Capstone Realty Group, USA, “Daytona has proven to be an extremely vibrant market, along with the rest of coastal Florida. As such, we look forward to acquiring additional properties in Florida.” Managing Partner, Rob Friedberg of Capstone Realty Group, USA added, “We are pleased with how our company executed the business plan ahead of schedule and budget.”
“We continue to see further migration of capital into Florida as a result of the heightened growth in rents, population, and commerce,” added Meoli, Vice Chairman at Cushman & Wakefield. “The buyer, Disrupt Equity, made their first acquisition in the state with the acquisition of Hilltop and plans continued renovations of the property and further expansion of their portfolio in Central Florida.”