Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of The Anatole Apartment Homes, a 208-unit multifamily community located in Daytona Beach at 1690 Dunn Ave.
Mike Donaldson and Nick Meoli of Cushman & Wakefield represented both the seller and buyer in the transaction. The property was sold by Lloyd Jones Capital and acquired by Venterra.
“The Anatole is a class ‘B’ community in a desirable central location of Daytona Beach nearby major drivers including the Daytona Speedway, the Daytona Beach airport and Embry Riddle Aeronautical University,” said Donaldson, Vice Chairman at Cushman & Wakefield. “As a result of the prime location, increased population influx and curb appeal of the community, the property is seeing significant rent increases upwards of 25 percent on new leases, which is impressive given that the units were not fully renovated.”
The Anatole Apartment Homes was built in 1986 and was 94 percent leased at the time of sale. The community features 10 residential buildings spanning two stories and is situated in a prime central location of Daytona Beach. Amenities include a club house, two swimming pools with an outdoor grilling station, a fitness center, dog park, and package receiving center. The Anatole Apartment Homes also offers significant value-add opportunity through full luxury finish renovations on the majority of the units and enhancements to the amenity package.
“The property was sold to Venterra, who recently acquired another community in Daytona Beach and plans on bolstering their presence in the central Florida market,” added Meoli, Vice Chairman at Cushman & Wakefield. “The new owner also plans a value-add program to take advantage of the untapped potential to renovate the community to a higher standard and achieve additional rent premiums.”